Telecoms Giant Swisscom Launches Chainlink Node for DeFi Data
Swisscom joins Deutsche Telekom in providing data to the oracle service.
Swisscom, Switzerland’s largest telecommunications provider, is to launch a Chainlink oracle node to provide data for decentralized finance (DeFi).
- Oracle service provider Chainlink said Swisscom is the second telecom company to enter DeFi. Deutsche Telekom, Germany’s largest phone company, is already one of the main data providers to Chainlink.
- Chainlink co-founder Sergey Nazarov told CoinDesk, Swisscom "has very high security standards, which is important for being a high-quality node operator. But what is even more important is that you now have a trend of multiple enterprises beginning to see the value in running nodes.”
- Headquartered in Ittigen near Bern, Swisscom is 51% owned by the Swiss government and has around 19,000 employees.
- The Swiss firm’s digital asset division will head up the program and make sure the oracle node is continuously feeding digital asset price data into the Chainlink network.
- Blockchain applications, or smart contracts, require off-chain data such as price data for financial contracts or information for an insurance policy. Oracle nodes continuously send data from the outside world into the Chainlink network, where it is then merged and made available in aggregated form for blockchain applications.
- “We believe that making reliable off-chain data available on decentralized networks is a critical success factor for the future development of digital assets,” said Dominic Vincenz, fintech innovation manager at Swisscom’s digital business.
Read more: An Interview With Chainlink’s Sergey Nazarov
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.