Coinbase Cloud will leverage its world infrastructure and expertise managing blockchain information to bolster the safety and reliability of the Chainlink blockchain oracle community.
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.
Chainlink creates a bridge between Web2 and Web3 by sourcing, formatting and transmitting information to sensible contracts. A first-rate instance is Chainlink’s provision of decentralized worth feeds, which secures an estimated $22 billion of worth locked in decentralized finance (DeFi) protocols, together with Synthetix, Aave, Compound and dYdX.
Coinbase Cloud group product supervisor Kai Zhao highlighted the significance of node operators throughout the cryptocurrency ecosystem, making certain the safety and reliability of sensible contracts:
“By constructing decentralized Oracles, we’re serving to to create a extra decentralized and reliable future for blockchain know-how. We consider on-chain is the subsequent on-line, and we stay up for working with Chainlink to additional this future.“
Chainlink Labs world head of centralized finance, gross sales and technique, William Reilly, added that the newest node operator would add expertise and strong infrastructure to the oracle community, benefitting a variety of Web3 merchandise, companies and functions:
“Their [Coinbase Cloud] involvement will undoubtedly contribute to the development of decentralized functions, additional propelling the blockchain trade to new heights.“
Coinbase signaled its intent to become a central pillar within the wider Web3 ecosystem in 2021, with Coinbase chief product officer Surojit Chatterjee highlighting its ambition to turn out to be the Amazon Internet Companies of the crypto trade.
Coinbase Cloud is central to this gambit, with its suite of merchandise powering a lot of companies throughout 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, whereas the agency additionally launched its own Ethereum layer-2 community known as Base in February 2022.