Europe’s biggest Telecom provider Deutsche Telekom has selected US crypto exchange giant Coinbbase to act as the custody for its CELO tokens (CELO/USD).
According to the announcement, the exchange will hold the tokens through its custody platform, Coinbase Custody. The telecommunications giant said it was an easy decision to choose the crypto exchange because of its robust security protocols.
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This is coming barely three weeks after Deutsche Telekom made a huge purchase of the Celo tokens, making it the first telecom company to become part of the Celo Alliance for Prosperity.
Apart from the company’s investment in CELO, it has earned the reward as a validator in the decentralized funding network of Celo mobile. While allowing Coinbase Custody to keep its Celo coins, the company will stake them for its subsidiary T-Systems MMS.
Deutsche Telekom’s increased interest in the crypto sector
Deutsche Telekom is behind the popular mobile communication brand T-mobile. The company stated that it wants to go deeper into the decentralized crypto economy. Since it broke away from state-owned Deutsche Bundespost, the company has grown to become a colossal player in the telecommunications industry.
The company, already a fortune 500 firm, has grown to become one of the top 100 firms in the world.
Its interest in the crypto industry will be seen as a good development for the cryptocurrency community and a big step towards mainstream crypto adoption.
Coinbase Custody rapidly expanding services
The selection of Coinbase Custody by Deutsche Telekom is coming shortly after the crypto exchange secured an operational license from Germany’s Federal Financial Supervisory Authority. The license was secured in June, as Coinbase became the first exchange to receive such a license from the German financial watchdog. The crypto exchange is also processing licenses from other regions.
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