LONDON, April 20 (Reuters) - Deutsche Telekom has invested in Celo, a blockchain payments platform that allows mobile phone access to “decentralised finance” projects that allow users to bypass traditional financial firms, the company said on Tuesday.
Deutsche Telekom has also bought an unspecific amount of the Celo digital token used on the platform, it said, following major firms such as Tesla Inc to hold cryptocurrency in their coffers.
San Francisco-based Celo, used in over 100 countries, allows users to send and receive money in the form of its tokens to mobile phones, co-founder Rene Reinsberg said.
“We have no idea where Celo will be in five to 10 years, but I think we have a pretty good idea that this is not going away,” said Andreas Dittrich, head of the blockchain solutions centre at Deutsche Telekom unit T-Systems MMS.
Any fluctuations in the value of its holdings of Celo tokens would have no discernible impact on its results, Deutsche Telekom said, given the size of the investment.
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Celo, San Francisco