Deutsche Telekom AG, the owner of mobile communications brand T-Mobile, has revealed the firm is participating in the decentralized cryptocurrency economy. The major telecom company is the largest in Europe since it was introduced in 1995, after breaking away from the state-owned Deutsche Bundespost in order to become privatized.
Deutsche Telekom has since managed to become a Fortune 500 company and is currently ranked in the top 100 firms. On Monday, the firm revealed it was utilizing Coinbase Custody to stake the firm’s celo holdings.
Deutsche Telekom revealed it was participating with the Celo network on April 20, 2021, and the firm disclosed it was providing “infrastructure for the Celo network.” At the time, the CEO of T-Systems, Adel Al-Saleh, explained the move is a calculated procedure to move toward blockchain tech.
“Our investment in Celo, combined with infrastructure operated by T-Systems, allows our company to take a strategic approach to participating in a public blockchain network,” Al-Saleh explained at the time.
The announcement on Monday details that Deutsche Telekom has entrusted the firm’s celo tokens to Coinbase Custody. The telecom firm said that Coinbase’s services provide “safety and security” and the firm’s “cold storage function was a major factor in Deutsche Telekom’s decision to place its CELO tokens with the custodian.”
The head of institutional sales EMEA at Coinbase, Guillaume Chatain, explained the firm is pleased Deutsche Telekom chose them to custody the token assets.
“We’re delighted that Deutsche Telekom, Europe’s largest telecommunications provider, picked us as custodian for its CELO tokens. CELO tokens, CUSD and CEUR will play a vital role in revolutionising mobile payments, helping to build a fairer, more accessible and transparent financial system,” Chatain concluded during the announcement.