Coinbase Cloud plugs into Chainlink oracle network to improve smart contract reliability

0

Chainlink’s oracle network will welcome Coinbase Cloud as a node operator to improve high-quality data provision to several blockchain protocols.

Coinbase Cloud will leverage its global infrastructure and experience managing blockchain data to bolster the security and reliability of the Chainlink blockchain oracle network.

The United States-based cryptocurrency exchange’s cloud service will operate as a new node operator on the Chainlink network in a partnership set to improve the decentralization of the Web3 ecosystem. 

Coinbase Cloud’s infrastructure already services several leading blockchains, including Ethereum, Solana, Algorand and Aptos. Chainlink node operators are integral to the network and are responsible for connecting smart contracts on different blockchains to data and systems.

Related: Google Cloud broadens Web3 startup program with 11 blockchain firms

Chainlink creates a bridge between Web2 and Web3 by sourcing, formatting and transmitting data to smart contracts. A prime example is Chainlink’s provision of decentralized price feeds, which secures an estimated $22 billion of value locked in decentralized finance (DeFi) protocols, including Synthetix, Aave, Compound and dYdX.

Coinbase Cloud group product manager Kai Zhao highlighted the importance of node operators across the cryptocurrency ecosystem, ensuring the security and reliability of smart contracts:

“By building decentralized Oracles, we are helping to create a more decentralized and trustworthy future for blockchain technology. We believe on-chain is the next online, and we look forward to working with Chainlink to further this future.“

Chainlink Labs global head of centralized finance, sales and strategy, William Reilly, added that the latest node operator would add experience and robust infrastructure to the oracle network, benefitting a wide range of Web3 products, services and applications:

“Their [Coinbase Cloud] involvement will undoubtedly contribute to the advancement of decentralized applications, further propelling the blockchain industry to new heights.“

Coinbase signaled its intent to become a central pillar in the wider Web3 ecosystem in 2021, with Coinbase chief product officer Surojit Chatterjee highlighting its ambition to become the Amazon Web Services of the crypto industry.

Coinbase Cloud is central to this gambit, with its suite of products powering a number of services across the ecosystem. The service emerged from Coinbase’s acquisition of blockchain infrastructure provider Bison Trails in early 2021.

Coinbase Cloud’s Node platform allows users to create and manage Web3 applications, while the firm also launched its own Ethereum layer-2 network called Base in February 2022.

Magazine: Joe Lubin: The truth about ETH founders split and ‘Crypto Google’

Leave a Reply

Your email address will not be published. Required fields are marked *

Subscribe To The Latest Crypto News

You have successfully subscribed to the newsletter

There was an error while trying to send your request. Please try again.

World Wide Crypto will use the information you provide on this form to be in touch with you and to provide updates and marketing.