A16z chooses Deutsche Telekom subsidiary as Celo verifier

Andreessen Horowitz (a16z), a US-based venture capital fund, has selected Deutsche Telekom’s subsidiary T-Systems MMS Verifier Group to entrust its local Celo (CELO) assets.

According to a note On the Deutsche Telekom website on Tuesday, T-Systems MMS is running a validator node through the company’s Open Telekom Cloud, which is reported to provide strong security features.

As Cointelegraph previously reported, Deutsche Telekom invests in Celo As early as April, it became the first telecommunications company to join the Celo Prosperity Alliance. At that time, the company also purchased a large number of CELO, the native token of the mobile decentralized financial platform.

T-Systems MMS is collateralizing CELO tokens from its parent company and other Celo-based assets held by a16z.

A16z has always been a supporter of Celo and regularly participates in the financing of open source blockchain payment projects.As early as April 2019, a16z joined Polychain Capital and other investors Celo’s $30 million financing.

Commenting on its choice to entrust its Celo assets to a Deutsche Telekom subsidiary, Katie Huan, general partner of a16z, said:

“Choosing a diverse set of globally distributed validators is critical to maintaining a secure and technically strong blockchain network. We partnered with Deutsche Telekom because their incentives are consistent with Celo’s vision of building a global payment platform. Anyone can use it with just a mobile phone.”

related: Deutsche Telekom invests in mobile DeFi platform Celo

In addition to Celo, T-Systems MMS is a Node operator On Chainlink (LINK), the company also provides supporting infrastructure for another blockchain project, Flow. The company’s head of blockchain, Andreas Dittrich, described the public blockchain as “the future of value-based collaboration.”

Since hitting a record high of nearly $7 in April, CELO, like other cryptocurrency markets, is currently experiencing a severe downturn. Like other altcoins, the fall in CELO’s price caused the coin to fall by nearly 74% from its April high.