- The Injective collaboration with NTT Digital aims to enhance Injective’s credibility and resources in the Web3 space, bolstering its position in DeFi.
- The involvement of NTT Digital will accelerate Injective’s expansion and improve the platform’s security and scalability.
Injective, a layer-1 blockchain built on the Cosmos network, has announced a major partnership with NTT Digital, a subsidiary of Japan’s largest telecommunications company, NTT Docomo. NTT Digital has officially joined Injective as its latest validator. This milestone could also be a boon for INJ’s price, which is currently struggling with a decline.
Overview of Injective & Japan’s NTT Collaboration
In a post on X, Injective shared the news, “Japan’s largest telco company NTT Digital has officially joined Injective as its latest validator! NTT is one of the largest Fortune 500 companies worldwide and has selected Injective as its major blockchain partner to expand into Web3.”
NTT, a Fortune 500 company and one of the world’s largest telecom providers, brings significant credibility and resources to the partnership. This partnership further solidifies Injective’s role in the decentralized finance (DeFi) ecosystem. It provides the Web3 firm with a strategic advantage in the growing Web3 space.
The collaboration is expected to accelerate Injective’s expansion into new markets and enhance its platform’s security and scalability. By joining as a validator, NTT Digital will contribute to the network’s validation process. Thus, it will ensure the security and integrity of transactions within the INJ ecosystem.
Founded in 2018 as part of the Binance Labs Incubation Program, Injective was co-founded by Eric Chen and Albert Chon. The platform offers a decentralized exchange (DEX) that enables users to trade derivatives and futures.
With its layer-2 blockchain infrastructure, Injective offers high speed, scalability, and zero gas fees, making it an attractive option for DeFi traders. Additionally, the platform is Inter-Blockchain Communication (IBC) enabled, allowing Ethereum assets to be traded on Injective’s DEX, reported CNF.
INJ Price To Surge?
The latest partnership with NTT Digital could provide a major boost to Injective’s growing ecosystem. NTT’s involvement as a validator not only adds to Injective’s credibility but also signifies the increasing interest of large corporations in blockchain. It could also drive INJ adoption, potentially pushing its price higher. Last month, INJ also launched a tokenized fund on BloakcRock’s BUIDL platform, reported CNF.
As of writing, the INJ price dropped 0.91% to $19.78 on Wednesday, October 9. Besides, the 24-hour trading volume slumped 8.02% to $91.54 million. While this suggests a diminishing interest in Injective, the recent collaboration could turn the tables.
In the meantime, long liquidations for INJ also surged. According to Coinglass, Injective registered long liquidations worth $340,420 while short liquidations stood at $43,150 in the past 24 hours. This selling pressure could further worsen the ongoing decline in INJ price. Nonetheless, the “Uptober” phenomena and the NTT collaboration offer an optimistic outlook.