Coinbase Cloud, Coinbase’s Web3 infrastructure unit, announced that it would become a Chainlink (LINK) oracle node operator to improve the security of smart contracts.
In a May 18 statement shared with CryptoSlate, Coinbase Cloud said that Chainlink plays an important role in delivering real-world data to Web3 over decentralized oracle networks. Since many Web3 projects rely on this external data, Coinbase Cloud’s access to this area means it is now part of the Oracle decentralized network that powers Chainlink data feeds.
“We’re excited to contribute to the decentralization and reliability of data feeds that serve many key players in the ecosystem.”
Coinbase Cloud is already running nodes and managing blockchain data infrastructure on networks such as Aptos (APT), Ethereum (ETH), Flow, Solana (SOL) and Algorand (ALGO). The inclusion 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 his “commitment to the security and reliability of smart contracts.” Zhao added:
“By building decentralized oracles, we are helping to create a more decentralized and trusted future for blockchain technology.”
The statement was further corroborated by William Reilly, Chainlink Labs’ global head of centralized finance, sales and strategy. Reilly said:
“[Coinbase’s] Their extensive experience, robust infrastructure, and commitment to security make them an invaluable addition to the Chainlink ecosystem, and their dedication will no doubt contribute to the advancement of decentralized applications and continue to propel the blockchain industry to new heights.”
With the announcement, Coinbase joins a list of high-profile companies that have become node operators or offer operators such infrastructure. Amazon and Deutsche Telekom also offer Web3 infrastructure through their subsidiaries.
Coinbase now has numerous products that cater 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 past 24 hours.
Posted in: Coinbase, Exchanges
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