For the first time in the telecom industry one of its biggest players is jumping into cryptocurrency.

Deutsche Telekom announced Tuesday that it will buy tokens issued by Celo, a startup specializing in mobile cryptocurrency services.

The German telecom giant did not disclose the size of the investment, but a company CEO told Source That buying cryptocurrency was great.

The company is also investing in infrastructure to support the Celo project, where Celo is building a decentralized version of Venmo-like payment platforms that works peer-to-peer.

Launched in 2017, the “Celo” project has maintained a relatively low profile in the crypto world, and has not yet risen to prominence in the arena.

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But that has begun to change in recent months, thanks in part to the recent $20 million funding round raised by venture capital firms, including Andreessen Horowitz.

The notable “Celo” feature is a tool that identifies users’ phone numbers for the public key of a blockchain wallet.

This simplifies access to cryptocurrencies, especially for people in developing countries who may lack familiarity with the technology or who do not have access to popular cryptocurrency exchanges.

On the face of it, Deutsche Telekom’s decision to associate with Celo is self-evident, as it involves an ambitious phone company collaborating with a company specializing in mobile crypto applications.

At the same time, it is difficult to know exactly how the phone giant plans to integrate the features of Project Celo.

For example, will the arrangement result in the company promoting Celo to millions of European customers?

According to Andreas Dietrich, CEO of Deutsche Telekom, who helps lead the company’s blockchain initiatives, Deutsche Telekom sees a variety of opportunities using Celo, including remittances.

He admitted that it was surprising to see the company partner offer a strange alternative cryptocurrency, but added that Deutsche Telekom liked the Celo team and that he believed the platform could be huge.

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Dietrich also stressed that Deutsche Telekom’s participation will be as an investor and as an infrastructure provider.

Dietrich also emphasized that by purchasing tokens, Deutsche Telekom is investing in the decentralized network that CELO is building, rather than the company itself.

He added that the telecom giant has made a major strategic shift in its approach to cryptocurrencies, moving from a narrow focus on the Hyperledger protocol to exploring blockchains of all kinds.

The world of communications and cryptocurrency:

Deutsche Telekom’s decision to invest in cryptocurrency may be just the beginning for the industry.

Celo co-founder Ren Rensburg predicted that most large organizations, including telecom companies, would own many cryptocurrencies that would allow them to influence their management.

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Rensburg noted that Celo, which has long offered a dollar stablecoin, is about to issue a euro-backed stablecoin.

The new currency is likely to play an important role as companies such as Deutsche Telekom seek to build crypto-based transfers.

In recent months, Celo has been raising the bar for its nonprofit, Celo, which seeks to advance financial inclusion through cryptocurrencies.

Earlier this month, Celo added former Citigroup chairman Dick Parsons to its board of directors.

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