Swisscom plans to join Chainlink as a node operator

The Swisscom node will continuously feed crypto asset data, especially price information, to the Chainlink network, according to the announcement by the company

Swiss telecommunications company Swisscom plans to join Chainlink, the world’s leading Oracle network, as a node operator. The company announced this news on August 5, noting that this partnership is part of a pilot program. Swisscom’s Digital Assets division will reportedly be responsible for executing this initiative, which will also see it venture into the decentralized finance (DeFi) sector.

According to the announcement, the Swisscom node will continuously feed crypto asset data, especially price information, to the Chainlink network. By doing so, it will become an integral part of the network, offering decentralized application access (dApps) to much-needed data, allowing them to settle financial contracts seamlessly.

The publication said that 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 the space offers. By doing so, the firm believes that it will be well positioned to leverage these new features for its clients in specific ways in the future.

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

On the role Swisscom is playing in furthering the goal of DeFi, Dominic Vincenz, 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 revealed that its network has explosively expanded this year. The project has reportedly had a partner integration rate of 1.4 in 2021, with more than 280 crypto projects adopting its solutions from Oracle.