Deutsche Telekom, one of Europe’s largest telecommunications companies, announced that it has invested in Polkadot (DOT), developed by Ethereum co-founder Garry Woods, through its subsidiary T-Systems Multimedia Solutions (MMS).
Germany’s telecom giant, which has previously taken initiatives in the field of Blockchain with its Chainlink investment, aims to advance in the field of blockchain with its Polkadot investment.
Apart from purchasing DOT, Deutsche Telekom’s 4th venture in the field of Blockchain, the company has also worked with Dapper Labs, which operates in the NFT sector, and Celo, the mobile-focused DeFi payment network.
Andreas Dittrich, head of Deutsche Telekom’s Blockchain Solutions Center, stated that they want to create a new business unit with the DOT investment and said in a statement on the subject:
“As we have done with DeFi payment network Celo before, we are investing in DOT tokens to be able to participate in the governance of the Polkadot network and basically investing where our mouths are to support our infrastructure development.”
Andreas Dittrich also revealed that T-Systems plans to develop its own applications on the Polkadot Blockchain programming framework “Substrate” in the future.
Polkadot (DOT), which ranks 11th in terms of market capitalization according to CoinMarketCap data, dropped to $23 levels after peaking at $55 at the beginning of November. DOT, which started to recover, continues to trade at approximately $27.32 at the time of writing.
*Not investment advice.