Deutsche Telekom announces acquisition of a significant amount of CELO and becomes a network validator, token price surges by 90% on the news

Europe's largest telecommunications operator, Deutsche Telekom, announced yesterday that it has invested in the payment infrastructure Celo and become a network node. Following the news, the Celo token surged by 90%.

Deutsche Telekom Invests in Public Blockchain Network Celo

According to a press release from Deutsche Telekom, the company will directly acquire tokens issued by Celo, known as CELO, and plans to stake these tokens. Its subsidiary, T-Systems MMS, will operate as a validation node on the Celo network through its developed infrastructure, Open Telekom Cloud OTC, joining over 130 global alliance members of Celo. The CEO of T-Systems stated in the press release:

"Our investment in CELO will be combined with the infrastructure operated by T-Systems, enabling our company to participate in public blockchain networks through strategic partnerships. We will protect the Celo network through our investment and our own cloud infrastructure, while promoting user growth and application development on the Celo network."

Deutsche Telekom and its subsidiaries provide services across Europe and the Americas, with 50.5 million users in Europe alone and 79.7 million users in the United States. The press release emphasizes that Open Telekom Cloud OTC complies with European regulatory security and compliance requirements, ensuring all financial services are secure and properly regulated. If the company directly integrates Celo as a mobile payment solution for users, it will bring significant demand and application scenarios to the Celo network.

Celo Token Surges on News

Celo is an open-source global mobile payment infrastructure that allows users to make instant transfers and payments worldwide using their mobile phones. It currently offers two stablecoins, cUSD and cEUR, which align well with the services provided by Deutsche Telekom. Following the announcement of this partnership, the governance and utility token issued by Celo, CELO, saw a significant surge in price, rising from a low of $3.8 to a high of $7.25, an increase of approximately 90%. At the time of writing, it is the token with the highest 24-hour increase on the Binance exchange.