Switzerland-Based Swisscom Set to Join Chainlink as a Node Operator

By: Jinia Shawdagor
Jinia Shawdagor
Jinia is a cryptocurrency and blockchain enthusiast based in Sweden. She loves everything positive, travelling, and extracting joy and… read more.
on Aug 5, 2021
  • Per Swisscom, its node will continuously feed crypto asset data to the Chainlink network.
  • Swisscom believes running a Chainlink node will help it understand the DeFi space better.
  • The Swisscom digital asset team claims the growth of dApps will not stop any time soon.

Swisscom, a Swiss-based telecommunications company, is planning to join Chainlink (LINK/USD), the leading oracle network in the world, as a node operator. The company announced this news on August 5, noting that this partnership is part of a pilot program. Reportedly, Swisscom’s Digital Asset division will be responsible for running this initiative, which will also see it dabble in the decentralized finance (DeFi) sector.

According to the announcement, the Swisscom node will continuously feed crypto asset data, especially price information, into the Chainlink network. In so doing, it will become an integral part of the network, which offers decentralized applications (dApps) access to much-needed data, thus enabling them to settle financial contracts seamlessly.

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

Explaining why Swisscom decided to embark on this journey, the publication said the company believes it is vital to proactively address technological changes in the financial space. As such, Swisscom decided to enter the DeFi space to better understand the new opportunities that the space offers. In so doing, the firm believes it will be well-positioned to avail these new features to its customers in a targeted way in the future.

A Bright Future for DeFi

Swisscom further disclosed that its digital asset team believes the growth of decentralized finance applications is exponential. To justify its bullish claims, the company cited the increasing volume of transactions, contracts, and assets, which are migrating to blockchain infrastructures.

Taking pride in the role Swisscom is playing toward furthering the DeFi goal, Dominic Vincenz, the Manager of Swisscom Digital Business FinTech Innovation, said,

Making reliable off-chain data available on decentralized networks is a critical success factor for the future development of digital assets.

This news comes after Chainlink disclosed that its network has expanded explosively this year. Reportedly, the project has had a partner integration rate of 1.4 in 2021, with more than 280 crypto projects embracing its oracle solutions. While the majority of these integrations are startups, several notable projects have integrated Chainlink oracles. These include ECO Chain, the Hedera Governing Council, Alchemix, and Coin Metrics, among others.

Invest in crypto, stocks, ETFs & more in minutes with our preferred broker, eToro
67% of retail CFD accounts lose money