Coinbase Cloud, the Web3 infrastructure unit of Coinbase, announced that it would become a Chainlink (LINK) oracle node operator to improve the security of smart contracts.
In a statement shared with CryptoSlate on May 18, Coinbase Cloud said Chainlink plays an important role in providing real-world data to Web3 across decentralized oracle networks. Since many Web3 projects rely on this external data, Coinbase Cloud’s access to this space means that it is now part of the decentralized oracle network that powers Chainlink data feeds.
“We are excited to contribute to the decentralization and reliability of data feeds that serve many key ecosystem players.”
Coinbase Cloud already operates nodes and manages blockchain data infrastructure on networks such as Aptos (APT), Ethereum (ETH), Flow, Solana (SOL), and Algorand (ALGO). The addition of Chainlink would help improve its credentials as a significant player in the Web3 ecosystem.
Coinbase Cloud Group Product Manager Kai Zhao said the development is a testament to its “commitment to the security and reliability of smart contracts.” Zhao added:
“By building decentralized oracles, we are helping create a more decentralized and trustless future for blockchain technology.”
The statement was further confirmed by William Reilly, global head of centralized finance, sales and strategy at Chainlink Labs. Reilly said:
“[Coinbase’s] Extensive experience, robust infrastructure and commitment to security make them an invaluable addition to the Chainlink ecosystem, and their commitment will undoubtedly contribute to the advancement of decentralized applications and continue to take the blockchain industry to new heights.”
With the announcement, Coinbase joins a list of high-profile companies that have become node operators or offer such infrastructure to operators. Amazon and Deutsche Telekom also offer Web3 infrastructure through their subsidiaries.
Coinbase now has numerous products tailored to the needs of Web3 users. The exchange’s Node product allows users to build and deploy their Web3 applications. The platform has also launched an Ethereum Layer 2 solution, Base.
According to Yahoo Finance, Coinbase shares reacted positively to the news, rising 5.46% to $61.04 in the last 24 hours.
Posted in: Coinbase, Exchanges
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