Telecom Giant Deutsche Telekom Launches Flexible Staking Service for Ethereum
Telecom giant Deutsche Telekom, the parent company of T-Mobile, has announced its entry into Ethereum staking by launching a flexible staking service.
On September 29, the German company confirmed that its T-Systems Multimedia Solutions (MMS) division is collaborating with Proof-of-Stake (PoS) application and DAO StakeWise to operate a staking pool. This service will allow customers to participate in transaction validation without needing to run their own nodes.
Unser @mms_blockchain Team stellt Infrastruktur für @ethereum bereit und steigt in Kooperation mit @stakewise_io in #LiquidStaking ein: https://t.co/usz6ahYfGf #DAO #Ethereum #Staking $ETH
— Telekom MMS (@Telekom_MMS) September 29, 2022
Dirk Röder, Head of Blockchain Solutions Center at T-Systems MMS, commented:
“As a node operator, our involvement in liquid staking and our close collaboration with DAO represents a new venture for Deutsche Telekom.”
Deutsche Telekom believes that introducing liquid staking through their new service will attract customers. This business model is expected to be as popular among ETH investors as other services like Lido Finance (LDO), which provide high yields and eliminate the need for users to set up their own validator nodes or hold the full 32 ETH required for staking.
Recently, Deutsche Telekom has been actively engaging in the cryptocurrency space, particularly in staking support for major crypto projects. In 2021, the company became a key data provider for the renowned oracle network Chainlink.
In 2022, Deutsche Telekom expanded its staking services to include Flow Network, a blockchain developed by Dapper Labs, acquired a substantial amount of CELO, and employed Coinbase Custody for secure token storage. Additionally, Deutsche Telekom invested in Polkadot (DOT) as a validator to ensure the security and maintenance of the network.
Last week, T-Mobile, another subsidiary of Deutsche Telekom, partnered with Nova Labs to launch Helium Mobile, a 5G wireless service that allows users to earn rewards in tokens by connecting and sharing data.
