Deutsche Telekom, one of Europe’s highest-revenue telecommunications companies and a subsidiary of the giant T-Systems Multimedia Solutions (MMS), has begun to stake, custody and obtain rewards on Flow Networks (FLOW). It now has its sights on expanding to other public blockchains such as Polkadot, Tezos and Ethereum 2.0.
Flow Networks is a blockchain with a protocol based on Proof-of-Stake. Its purpose is to host an ecosystem of games, collectibles and applications that allow the mainstream to interact with them.
In compliance with legal requirements, Deutsche Telekom’s parent company partnered with broker Bankhaus Scheich to obtain custody services.
Andreas Dittrich, the head of Deutsche Telekom’s blockchain division, admitted that keeping cryptocurrencies on its balance sheet is easier said than done.
“It’s quite a unique thing, because our business model means we need to be able to handle crypto tokens,” Dittrich said. “We need to have them on our balance sheet, various types of crypto tokens. And that’s a hard thing to pull off for a company like us.
With a market capitalization of $270 million, FLOW is still outside the top 100 cryptocurrencies. However, its price has surged 15.4% in the last 24 hours, reaching a high of just under $12.
Deutsche Telekom Began Experimenting With Chainlink
Deutsche Telekom first began experimenting to run a Chainlink node last year and its involvement has been growing ever since. “So, of course, we started really small, with few data feeds,” Dittrich said. “But then scaled rapidly, and by now, I think we are among the top three data providers at the moment on the Chainlink network.
Chainlink is a data provider for more than 50 feeds in the DeFi sector. Its data is used by protocols such as Synthetix and automated market makers to obtain digital assets prices, commodities prices and FX rates.
Chainlink (LINK) has been one of the best-performing cryptocurrencies in recent years. At press time, LINK was trading at $28.35 with a gain of 7.8% in the last 24 hours. On the weekly and monthly chart, LINK is recording gains of 18.37% and 72.40% respectively.
Data shows this price surge was accompanied by an increase in new addresses. The daily number of active LINK addresses increased by +176% for the past 3 months.