Coinbase Custody, the crypto custodial solution offered past United States substitution behemothic Coinbase, has been called by Deutsche Telekom to store its Celo tokens.

According to a release issued on Monday, the telecoms giant identified the robust security protocols offered by Coinbase Custody as a major reason for choosing the service.

Deutsche Telekom invested in Celo back in April, becoming the first telecom member of the Celo Alliance for Prosperity. Apart from making a "significant purchase" of Celo tokens, Deutsche Telekom'southward T-Systems MMS subsidiary besides became a validator on the mobile decentralized finance Celo network.

Equally previously reported by Cointelegraph, Us-based venture capital behemoth Andreessen Horowitz, aka a16z, delegated its Celo assets to T-Systems MMS. At the time, Katie Haun, general partner at a16z, stated that both companies had like visions about the power of the Celo projection to disrupt the global payment sector.

Deutsche Telekom's selection of Coinbase Custody comes subsequently the latter secured approving from Germany's Federal Financial Supervisory Authority dorsum in June. Indeed, Coinbase became the first crypto exchange to be granted such a license in the land following the news.

Related: Cryptocurrency custody gives commercial banks a foothold in the market

Custody has always been a focal point of the discussion surrounding broad-based institutional adoption of crypto. Legal requirements in many jurisdictions often mandate regulated entities to store assets with recognized custodians.

Banks and other financial institutions are increasingly making their get-go forays into the crypto space by leveraging their standing with regulators to offer cryptocurrency. This trend is in addition to the custodial services offered by regulated exchanges such as Coinbase and Gemini.

Fintechs and tech companies, in general, are also making forays into the crypto custody space. Back in June, Twitter and Square CEO Jack Dorsey revealed that the latter was developing a Bitcoin (BTC) hardware wallet.

Indeed, given the maturing crypto custody space, attention has begun to shift to onboarding major institutional players such as retirement funds and sovereign wealth management funds.