Coinspeaker Deutsche Telekom MMS Joins Switzerland-based SQD Network to Provide Worker Nodes
German-based telecommunications company Deutsche Telekom AG (FWB: DTE) has announced that it has joined the SQD network, formerly Subsquid, to provide worker nodes, decentralized storage, and computing resources. According to the announcement, the Deutsche Telekom MMS will enhance SQD’s decentralization by providing resilience and scalable infrastructure.
The SQD network provides decentralized applications (Dapps) throughout the web3 ecosystem with reliable data such as the blockchain’s transaction history. As a result, SQD users can delegate their $SQD tokens to the trusted node operators, thus further securing the network.
“SQD network, with its innovative architecture, is a game changer for Web3. It unlocks the true potential of blockchain data and makes it easily accessible and usable for developers and users alike. By providing our high-quality infrastructure, we strengthen the security and scalability of the network and contribute to the foundation for Subsquid’s powerful data lake,” Dirk Röder, Head of Web3 Infrastructure and Solutions at Deutsche Telekom MMS, noted.
According to Marcel Fohrmann, co-founder of SQD network, the partnership with Deutsche Telekom MMS will further strengthen its web3 development bid. Moreover, web3 developers can now access relatable data at a small fee from the SQD network to ensure a seamless user interface for all users.
“Once data has been added to the SQD network, every piece of data is replicated across dozens of nodes across the network, so even if a node goes offline, all the data remains available for consumers,” Dmitry Zhelezov, co-founder of SQD network noted.
Market Impact on the Partnership Between Deutsche Telekom MMS and SQD
The strategic partnership between Deutsche Telekom MMS and the SQD network will work in elevating both companies in the near future. As the European Union gradually implements the Market in Crypto-Asset (MiCA) regulatory framework, more institutional investors and retail traders will continue to adopt the web3 protocols and digital assets.
Following the announcement, the $SQD token surged more than 10 percent on Wednesday to trade around $0.12 at the time of this report. As a result, the small-cap altcoin, with a fully diluted valuation of about $168 million and a daily average traded volume of about $5.2 million, has surged over 36 percent in the past seven days.
Meanwhile, the DTE stock continued with its mild bullish trend as it guaranteed more revenue sources for its shareholders.
The Deutsche Telekom company has in the recent past focused on web3 space and digital assets to ensure a sustainable future. For instance, Röder recently noted that the company has been running a Bitcoin node since last year.
The adoption of digital assets and Web3 protocols by institutional investors will significantly scale the ongoing macro crypto bull run that began after the fourth Bitcoin halving.
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Deutsche Telekom MMS Joins Switzerland-based SQD Network to Provide Worker Nodes