The Telekom announced investment in a Blockchain-project and thus supports a new Euro-Stablecoin.
The ranks of the Euro Stablecoins is growing. According to a press release, the BTC-ECHO is present, launched Celo today, Tuesday, may 20. In April, the Celo Euro (cEUR). No, this is not a Frankfurter Rapper, but the Blockchain network Celo. In addition to the Celo Dollar (cUSD), plays with a market capitalization of just $ 43 million in the third League, is the cEUR the second Stablecoin project of the San Francisco-based Blockchain company.
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With the Stablecoin Celo aims to promote all the financial inclusion of countries with dysfunctional financial systems. Consequently, it is stated in the press release:
To transfer “of money between countries, a major challenge still is. This is mainly due to the closed systems that have been created by traditional financial services,” said Rene reinsberg, co-founder Celo. “An open infrastructure, such as Celo, coupled with the Celo Euro Stablecoin, allows for easy quick access to digital assets from virtually anywhere in the world.”
The advantage of the traditional financial sector is clear. Blockchain-based Stablecoins can be instantaneously sent over the entire Globe and are also significantly cheaper than other digital payments. Celo less than 1 Cent transaction fees. The elimination of crypto-typical volatility Celo sees as an advantage. Finally, cEUR 1 based-on-1 on the Euro and is known to be, at least in the short term value is more stable than Bitcoin and co.
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Telekom purchase CELO Token
Additionally, Celo reported that the group of investors, the Telekom belongs to. Therefore, the Telekom as the first telecommunications company in the global Celo Alliance for prosperity, with more than 130 members of the organizations. In the case of the said Alliance is a Non-Profit organization that wants to create by using a solid financial infrastructure “Global prosperity”. Celo, which means in Esperanto as much as the purpose, was able to win with the Telekom, a major Partner. Because, in addition to the financial contribution, for the Telekom in the native CELO tokens invested, the company supports Celo with Cloud infrastructure.
With our Investment in Celo, in combination with the T-system-powered infrastructure, we take a strategic approach to participation in the public Blockchain network. We support the Celo network with both financial resources as well as our own CloudInfrastructure,
Adel Al-Saleh, member of the management Board of Deutsche Telekom AG and CEO of T-Systems said.
Actually, the Telekom since 2019 Blockchain Fan. As BTC-ECHO reported, it was announced that Telekom, the German Blockchain Ecosystem 2020. Through the planning phase, the project went, however, never. Not least due to the fact that the industry has recognized that the Blockchain is only for very limited use cases make sense. To establish by watering the “Blockchain for everyone”, has proven to be a miss out. If at least the support of Celo is crowned by success, remains to be seen.