Chainlink and Telefonica join forces to combat SIM swap attacks as LINK up 30% in Feb

Chainlink has secured a strategic partnership with Telefonica, a international telecommunications powerhouse, to ranking the connection of Web3 natty contracts with Global Machine for Mobile Communications Association (GSMA) Open Gateway APIs, in step with a Feb. 15 commentary shared with CryptoSlate.

“This collaboration marks a vital step in integrating Telco capabilities into the blockchain alternate and demonstrates the need for ranking oracle networks to bring exact-world recordsdata onchain,” per the commentary.

The first use case will like the SIM SWAP API. According to Telefonica, the API integrates SIM swap detection and management efficiency into applications and enhances security by figuring out potentially faux command.

This collaboration integrates Chainlink Functions into the SIM SWAP API, facilitating recordsdata verification and allowing natty contracts to solicit recordsdata from the API, thereby guaranteeing the integrity of a instrument’s SIM card towards unauthorized alterations.

Furthermore, the API extends its utility beyond this predominant goal, amplifying two-speak authentication (2FA) and fortifying fraud detection within Web3 decentralized applications (dApps) and DeFi products and companies.

Johann Eid, Chainlink Labs’ Chief Industrial Officer, stated:

“Bringing Telefónica’s OpenGateway APIs onchain with Chainlink Functions unlocks recent use situations and better security for our alternate that within the break better offer protection to users and their sources.”

Over the previous months, the Oracle community has made a lot of expansionary moves to power the adoption of its products by partnering with ancient companies like the Society for Worldwide Interbank Transfers (SWIFT), South Korean gaming big Wemade, and the New Zealand Banking Neighborhood. To boot, the community has additionally scored vital integrations with blockchain tasks like Unsightly and Circle’s USDC stablecoin.

LINK surges

Chainlink’s LINK token has enjoyed a largely certain week, rising by around 8% exact through the duration to alternate at extra than $20, in step with CryptoSlate’s recordsdata. That is LINK’s perfect mark level since early 2022.

This mark efficiency propelled it into the head 10 digital sources by market capitalization exact through the reporting duration. Alternatively, it has dropped to eleventh after a soundless decline of 0.76% exact through the day gone by.

Alternatively, LINK remains one amongst the head digital sources within the alternate, with a market capitalization of $11.8 billion.

Chainlink Market Files

On the time of press 1:34 pm UTC on Feb. 15, 2024, Chainlink is ranked #11 by market cap and the associated payment is down 0.95% exact through the last 24 hours. Chainlink has a market capitalization of $11.72 billion with a 24-hour buying and selling quantity of $531.64 million. Learn extra about Chainlink ›

Chainlink

1:34 pm UTC on Feb. 15, 2024

$19.97

-0.95%

Crypto Market Summary

On the time of press 1:34 pm UTC on Feb. 15, 2024, the total crypto market is valued at at $1.95 trillion with a 24-hour quantity of $84.93 billion. Bitcoin dominance is currently at 52.Forty eight%. Learn extra about the crypto market ›