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Chainlink Partners with Telefonica to Connect Web3 with Telco APIs

Chainlink, the leading decentralized oracle network, has announced a strategic partnership with Telefonica, one of the world’s largest telecommunications companies, to enable the integration of Web3 smart contracts with GSMA Open Gateway APIs.

GSMA Open Gateway APIs are a set of standardized interfaces that allow developers to access various telco capabilities, such as SIM swap detection, SMS delivery, mobile identity, and more. These APIs aim to foster innovation and interoperability across the telco industry and beyond.

The partnership will leverage Chainlink Functions, a new feature that allows smart contracts to request and verify any off-chain computation or data source. Chainlink Functions will act as a bridge between Web3 and GSMA Open Gateway APIs, providing secure and reliable data delivery and verification.

The first use case of this collaboration will focus on the SIM SWAP API, which enhances security by detecting and preventing unauthorized changes to a device’s SIM card. Chainlink Functions will integrate this API into smart contracts, allowing them to verify the integrity of a user’s SIM card and prevent fraud or identity theft.

Moreover, the SIM SWAP API can also be used to improve two-factor authentication (2FA) and fraud detection for Web3 applications and services, such as decentralized finance (DeFi) and decentralized applications (dApps).

Johann Eid, Chainlink Labs’ Chief Business Officer, commented on the partnership:

“Bringing Telefónica’s OpenGateway APIs onchain with Chainlink Functions unlocks novel use cases and greater security for our industry that ultimately better protect users and their assets.”

This partnership is another milestone for Chainlink, which has been expanding its network and ecosystem by collaborating with various traditional and blockchain-based entities. Some of the notable partners include SWIFT, Wemade, New Zealand Banking Group, Base, and Circle.

Chainlink’s native token, LINK, has also been performing well in the market, reaching over $20 this week, its highest level since early 2022. LINK is currently ranked eleventh among the top cryptocurrencies by market capitalization, with a value of $11.8 billion.

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