German telecommunications giant Deutsche Telekom is teaming up with Polkadot (DOT) and investing in the interoperability blockchain’s ecosystem by purchasing DOT tokens.
Telekom recently announced subsidiary company T-Systems MMS plans to use Telekom’s infrastructure to participate in Polkadot’s public blockchain network as a validator.
The Polkadot network aims to connect multiple blockchains into one unified network, allowing users on different blockchains to send and receive transfers of any type of data or asset. The DOT token allows holders to participate in network governance, staking and bonding.
DOT is currently trading at $30.11, up more than 6% from where it was priced one month ago.
Dr. Andreas Dittrich, head of the Blockchain Solutions Center at T-Systems MMS, says they believe in Polkadot’s vision.
“As Deutsche Telekom, we have always supported the collaboration of people and companies, now also with decentralized technologies.
Polkadot is a heterogeneous, multi-chain network allowing various blockchains of different characteristics to perform arbitrary, cross-chain communication under shared security.”
It’s not Telekom’s first foray into the crypto world. In June, the telecommunications giant and Andreesen Horowitz announced they had partnered to stake CELO tokens on the public blockchain network of global payments infrastructure platform Celo.
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Guliveris