The parent company of mobile communications giant T-Mobile says it’s launching an Ethereum (ETH) staking validator as part of its support for the world’s second-largest blockchain by market cap.
According to a new press release, Deutsche Telekom is supporting Ethereum’s transition from a proof-of-work consensus mechanism into a proof-of-stake one by operating validator nodes through its subsidiary T-Systems MMS.
The press release also reveals that T-Systems MMS is teaming up with liquidity provider StakeWise to offer staking pools that allows ETH holders to hang on to their tokens without actually having to operate validator nodes themselves.
Says Dirk Röder, head of blockchain solutions center at T-Systems MMS,
“Our cooperation partner StakeWise collects individual Ether tokens from many different owners and merges them into validator nodes.
These validator nodes are provided and operated as infrastructure by T-Systems MMS. Staked Ether tokens remain available to the owner in this construct – liquid – and can be used in other decentralized finance (DeFi) applications.”
T-Systems MMS will also be participating in the decentralized autonomous organization (DAO) that governs StakeWise. Röder says that the move makes Ethereum the fourth crypto asset supported by the company.
“After collaborating with Flow, Celo and Polkadot, we are now taking the next decisive step in the blockchain world and are doing pioneering work here with Ethereum. As a node operator, our entry into liquid staking and the close collaboration with a DAO is a novelty for Deutsche Telekom.”
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Jorm S