Coinbase Cloud, the Web3 infrastructure branch of Coinbase, has announced that it will become a Chainlink (LINK) oracle node operator to improve smart contract security. In a statement shared with CryptoSlate on May 18, Coinbase Cloud revealed that Chainlink plays a critical role in providing real-world data for web3 through decentralized Oracle networks.
Many Web3 projects rely on this external data, and Coinbase Cloud’s entrance to the space means that it would now be a part of the decentralized oracle network powering Chainlink Data Feeds. Coinbase Cloud already operates nodes and manages blockchain data infrastructure on networks like Aptos (APT), Ethereum (ETH), Flow, Solana (SOL), and Algorand (ALGO). The addition of Chainlink would boost 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 that building decentralized Oracles would help to create a more decentralized and trustworthy future for blockchain technology.
The statement was further corroborated by Chainlink Labs’ global head of centralized finance, sales, and strategy, William Reilly. Reilly said that Coinbase’s extensive experience, robust infrastructure, and commitment to security would make them an invaluable addition to the Chainlink ecosystem, and their involvement would undoubtedly contribute to the advancement of decentralized applications, further propelling the blockchain industry to new heights.
With this announcement, Coinbase joins a list of high-profile companies that have become node operators or offer such infrastructures to operators. Amazon and Deutsche Telekom also offer Web3 infrastructure through their subsidiaries.
Coinbase has numerous products designed to cater to the needs of Web3 users. The exchange’s Node product allows users to create and deploy their Web3 applications. The platform has also launched an Ethereum Layer-2 solution, Base.
According to Yahoo Finance, Coinbase stocks have reacted positively to the news, rising 5.46% in the last 24 hours to $61.04.
Coinbase Cloud has announced that it will become a Chainlink oracle node operator to enhance smart contract security. Coinbase Cloud will now be a part of the decentralized oracle network powering Chainlink Data Feeds, which plays a significant role in providing real-world data for web3 through decentralized Oracle networks. Coinbase Cloud already operates nodes and manages blockchain data infrastructure on networks like Aptos (APT), Ethereum (ETH), Flow, Solana (SOL), and Algorand (ALGO). The addition of Chainlink would enhance 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.” Coinbase joins a list of high-profile companies that have become node operators or offer such infrastructures to operators. The exchange’s Node product allows users to create and deploy their Web3 applications. The platform has also launched an Ethereum Layer-2 solution, Base.
According to Yahoo Finance, Coinbase stocks have reacted positively to the news, rising 5.46% in the last 24 hours to $61.04.
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