Chainlink has secured a strategic partnership with Telefonica, a global telecommunications powerhouse, to secure the connection of Web3 smart contracts with Global System for Mobile Communications Association (GSMA) Open Gateway APIs, according to a Feb. 15 statement shared with CryptoSlate.
“This collaboration marks a significant step in integrating Telco capabilities into the blockchain industry and demonstrates the need for secure oracle networks to deliver real-world data onchain,” per the statement.
The first use case will involve the SIM SWAP API. According to Telefonica, the API integrates SIM swap detection and management functionality into applications and enhances security by identifying potentially fraudulent activity.
This collaboration integrates Chainlink Functions into the SIM SWAP API, facilitating data verification and allowing smart contracts to solicit information from the API, thereby ensuring the integrity of a device’s SIM card against unauthorized alterations.
Furthermore, the API extends its utility beyond this primary function, amplifying two-factor authentication (2FA) and fortifying fraud detection within Web3 decentralized applications (dApps) and DeFi services.
Johann Eid, Chainlink Labs’ Chief Business Officer, said:
“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.”
Over the past months, the Oracle network has made several expansionary moves to drive the adoption of its products by partnering with traditional firms like the Society for Worldwide Interbank Transfers (SWIFT), South Korean gaming giant Wemade, and the New Zealand Banking Group. In addition, the network has also scored significant integrations with blockchain projects like Base and Circle’s USDC stablecoin.
LINK surges
Chainlink’s LINK token has enjoyed a largely positive week, rising by around 8% during the period to trade at more than $20, according to CryptoSlate’s data. This is LINK’s highest price level since early 2022.
This price performance propelled it into the top 10 digital assets by market capitalization during the reporting period. However, it has dropped to eleventh after a mild decline of 0.76% during the past day.
Nevertheless, LINK remains one of the top digital assets in the industry, with a market capitalization of $11.8 billion.
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- Source: https://cryptoslate.com/chainlink-and-telefonica-join-forces-to-combat-sim-swap-attacks-as-link-up-30-in-feb/
