Swisscom, a telecommunications corporation based in Switzerland, announced that it will become a node operator in Chainlink’s oracle network, the partnership will help make reliable off-chain data available on decentralized networks.
The telecommunications company announced on Thursday that it would enter the decentralized finance (DeFi) industry as an oracle node operator as part of a pilot program with the Chainlink network.
Swisscom’s digital asset business will administer the node, which will “continuously transmit digital asset pricing data” to the network, allowing Chainlink apps to better settle financial transactions.
“Making accurate off-chain data available on decentralized networks is a vital success factor for the future development of digital assets,” Dominic Vincenz, financial innovation manager at Swisscom Digital Business, stated.
The potential in the DeFi domain, according to Swisscom, is critical given the “growing migration of transactions, contracts, and assets to blockchain-based infrastructures.”
Despite the fact that the corporation simply stated that it will be functioning as a Chainlink node operator, its digital asset team stated that “the expansion of decentralized financial applications has no end in sight.”
Chainlink has been onboarding partner integrations at a rate of more than 1.4 per day, with nearly 300 distinct crypto projects joining the network this year.
Coin Metrics and various blockchain-powered games are among the third-party integrations that are likely allowing Chainlink to safeguard billions of dollars using smart contracts.
Swisscom has about 19,000 employees and over 6 million mobile subscribers, with the Swiss government owning 51% of the company.
