Deutsche Telekom AG is now one of the main data providers to Chainlink, LINK hits new highs

Bitcoin’s strong growth has attracted major institutional investors in recent times. But for Deutsche Telekom AG, Europe’s largest telecommunications company, the story is quite the opposite. The main sponsor of the Bayern Munich team has quietly stepped up its investment in DeFi, now Deutsche Telekom AG is one of the main data providers for Chainlink.

Deutsche Telekom AG is now one of the main data providers to Chainlink

Specifically, Deutsche Telekom AG’s subsidiary T-Systems Multimedia Solutions (MMS) said it has started hosting into the Flow Network, the hyper-scaling blockchain (PoS) from CryptoKitties creator Dapper Labs and plans start to stake on some other chain in the near future. Deutsche Telekom is providing DeFi data support and has quietly helped with the PoS blockchain’s infrastructure to participate in staking and earning crypto rewards.

Andreas Dittrich, head of the blockchain center at Deutsche Telekom AG, said it has been five years since the project started. The project will be where the crypto value will be applied in the future, which is also the destination that telecom companies should be aiming for.

T-Systems also announced it was launching Chainlink last summer, at a time when DeFi was really booming. Andreas Dittrich shares:

“We were really involved in something very new, offering a public blockchain infrastructure, and having a token-based business model. Scaling up rapidly, I think we’re among the top three data providers on the Chainlink network right now.”

Chainlink’s feed system, known as oracles, injects information into the blockchain of smart contracts, eliminating the dependence on any centralized source. It is only a matter of time before other big business companies follow in the footsteps of Deutsche Telekom AG, says Sergey Nazarov, co-founder of Chainlink. He affirmed:

Chainlink allows leading infrastructure teams such as T-Systems to monetize globally distributed infrastructure and their security expertise across multiple chains already served by Chainlink oracles.

LINK/USD 4-hour chart | Source: TradingView

At press time, LINK is trading around $ 26.97, up to 6% in the last 24-hour.