Switzerland-based telecommunications company Swisscom has said it will join Chainlink's oracle network as a node operator.

In a Thursday proclamation, the telecommunications firm said it would be entering the decentralized finance, or DeFi, space by becoming an oracle node operator as function of a pilot program with the Chainlink network. The node, run by Swisscom'south digital asset segmentation, will "continuously feed digital nugget price information" to the network and allow applications on Chainlink to amend settle financial contracts.

"Making reliable off-chain data available on decentralized networks is a disquisitional success gene for the hereafter development of digital avails," said Swisscom Digital Business fintech innovation manager Dominic Vincenz.

Swisscom said the opportunities available in the DeFi infinite were important given the "increasing shift of transactions, contracts and assets to blockchain-based infrastructures." Although the company only specified it would be acting as a Chainlink node operator, its digital nugget squad said it saw "no end in sight to the growth of decentralised financial applications."

Related: Deutsche Telekom's T-Systems Is At present a Chainlink Node Operator

Cointelegraph reported in July that Chainlink had been onboarding partner integrations at a rate of more than one.iv daily, with roughly 300 different crypto projects having joined the network this year. These third-political party integrations include Coin Metrics besides every bit several blockchain-powered games which are likely assuasive Chainlink to secure billions of dollars through smart contracts.

With 51% of it owned by the Swiss authorities, Swisscom currently has more than 19,000 employees and more than than half dozen meg mobile subscribers.