Coinbase Cloud joins Chainlink Oracle to enhance system functions and data provision | Invezz
Coinbase Cloud has revealed plans to join the Chainlink network as a node operator to enhance its underlying crypto infrastructure. Moreover, Coinbase Cloud will use its groundwork and expertise in handling blockchain data to ensure the reliability and security of Chainlink’s Oracle network.
As mentioned, the crypto exchange’s cloud service joins the Chainlink platform as a node operator – a collaboration to heighten the web3 ecosystem’s decentralization. Coinbase Cloud already services several renowned blockchains, including Aptos, Algorand, Ethereum, and Solana.
Meanwhile, Chainlink node operators remain vital to the platform. For instance, they help to connect smart contracts on various blockchains to systems & data. Chainlink bridges web2 and web3. It sources, formats, and sends data to smart contracts.
For instance, Chainlink provides decentralized price feeds – which secures around $22B TVL (total value locked) in DeFi networks, including dYdX, Compound, Aave, and Synthetix. Coinbase Cloud’s Kai Zhao emphasized the benefits of node operators within the crypto space -ensuring smart contract reliability and security.
Chainlink to enjoy robust infrastructure and expertise
Chainlink Labs official William Reilly also commented. He stated that the new node operator would introduce massive infrastructure and expertise to the Oracle platform, benefiting applications, services, and web3 products.
Coinbase showcased its appetite to dominate the web3 world in 2021 when its official Surojit Chatterjee revealed the firm’s motive to be the Amazon Web Services of the crypto world. Coinbase Cloud aims to satisfy this, with its products powering several services within the ecosystem.
Coinbase started offering these services after acquiring blockchain infrastructure provider Bison Trails early in 2021. Meantime, users can use Coinbase Cloud’s node network to build and manage web3 apps. Moreover, the company launched Base, an Ethereum layer2 network, in February 2022.
Chainlink uses LINK as its governance token. The alternative token traded with gains today, standing at a 1.12% 24hr high during this writing. LINK changes hands at $6.68. The altcoin might remain green in the upcoming sessions amidst optimistic news.
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