Deutsche Telekom announced that it has invested in the startup company Celo, a payment platform with blockchain technology, which offers its users the opportunity to access decentralised financial services through their mobile phones, surpassing traditional financial companies, according to Reuters. However, the German company did not announce the number of investments it made.
Deutsche Telekom also bought an unspecified number of Celo cryptocurrencies, following in the footsteps of big companies such as Tesla.
Decentralised financial services range from cryptocurrency exchanges to insurance loans, allowing users to overtake traditional financial companies as they borrow, lend or trade with each other.
The San Francisco-based Celo platform is used in more than 100 countries and allows users to send and receive money in the form of cryptocurrencies on their mobile phone, said co-founder Rene Reinsberg.
Celo cryptocurrency has a market capitalisation of about $800 million, while bitcoin has a market capitalisation of $1 trillion.