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Coinbase Cloud integrates with Chainlink oracle network to enhance the dependability of smart contracts.
Coinbase Cloud will utilize its worldwide infrastructure and expertise in managing blockchain data to enhance the security and dependability of the Chainlink blockchain oracle network.
The cryptocurrency exchange based in the United States will function as a new node operator on the Chainlink network in a collaboration aimed at strengthening the decentralization of the Web3 ecosystem.
Coinbase Cloud’s infrastructure already supports several prominent blockchains, such as Ethereum, Solana, Algorand, and Aptos. Node operators for Chainlink are essential to the network, tasked with linking smart contracts across various blockchains to data and systems.
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Chainlink effectively establishes a connection between Web2 and Web3 by sourcing, formatting, and delivering data to smart contracts. A notable instance is Chainlink’s provision of decentralized price feeds, which safeguard an estimated $22 billion in value locked within decentralized finance (DeFi) protocols, including Synthetix, Aave, Compound, and dYdX.
Kai Zhao, group product manager at Coinbase Cloud, emphasized the significance of node operators within the cryptocurrency ecosystem, ensuring the security and reliability of smart contracts:
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“By building decentralized Oracles, we are helping to create a more decentralized and trustworthy future for blockchain technology. We believe onchain is the next online, and we look forward to working with Chainlink to further this future.”
William Reilly, global head of CeFi, Sales & Strategy at Chainlink Labs, remarked that the new node operator would bring experience and a strong infrastructure to the oracle network, benefiting a wide range of Web3 products, services, and applications:
“Their involvement will undoubtedly contribute to the advancement of decentralized applications, further propelling the blockchain industry to new heights.”
In 2021, Coinbase expressed its intention to become a key player in the broader Web3 ecosystem, with chief product officer Surojit Chatterjee underscoring the company’s goal to become the Amazon Web Services (AWS) of the cryptocurrency sector.
Coinbase Cloud is pivotal to this strategy, and its array of products is powering numerous services throughout the ecosystem. The service originated from Coinbase’s acquisition of Bison Trails, which provided blockchain infrastructure in early 2021.
Coinbase Cloud’s Node platform enables users to create and manage Web3 applications, while the company also introduced its own Ethereum layer-2 network named Base in February 2022.
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