Deutsche Telekom selects Coinbase Custody for its CELO tokens

By Joy Dumasia

Deutsche Telekom has selected Coinbase Custody as its trusted custodian for its CELO tokens that are the native cryptocurrency of the Celo blockchain network. Deutsche Telekom joins Celo to participate in the decentralized financial economy. Deutsche Telekom collaborates with Coinbase to stake its tokens to subsidiary T-Systems MMS.

Together with the possibility to participate and help secure the blockchain by staking CELO assets, the safety and security of Coinbase Custody’s cold storage function was a major factor in Deutsche Telekom’s decision to place its CELO tokens with the custodian.

Coinbase Custody stores customers’ funds offline in segregated accounts, an important security measure against theft or loss. The proprietary key generation process and cold storage solution have been battle-tested over nine years of in-house development, making Coinbase Custody one of the largest and most trusted digital asset custodians globally.

Coinbase has also recently been awarded Europe’s first crypto trading and custody licence by Germany’s Federal Financial Supervisory Authority (BaFin), reflecting its commitment to regulatory compliance.

Guillaume Chatain, Head of Institutional Sales EMEA, said: “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 revolutionizing mobile payments, helping to build a fairer, more accessible and transparent financial system.”

Recently, IBS Intelligence reported that Coinbase, in its new research report, states the global cryptocurrency exchange platform has found that many Brits are increasingly identifying cryptocurrency as a viable and reliable alternative to traditional financial systems.