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Coinbase Cloud will leverage its global infrastructure and experience managing blockchain data to enhance the security and reliability of the Chainlink blockchain oracle network.
The cloud service of the United States-based cryptocurrency exchange Web3 will serve as a new node operator on the Chainlink network in a partnership set to improve decentralization of the ecosystem.
Coinbase Cloud’s infrastructure already serves several major blockchains, including Ethereum, Solana, Algorand, and Aptos. Chainlink node operators are an integral part of the network and are responsible for connecting smart contracts on different blockchains to data and systems.
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Chainlink builds a bridge between Web2 and Web3 by sourcing, formatting, and transmitting data in smart contracts. A prime example is Chainlink’s provision of a decentralized price feed, which locked up an estimated $22 billion in value. Decentralized finance (DeFi) protocols, including Synthetix, Aave, Compound, and dYdX.
Kai Zhao, Product Manager, Coinbase Cloud Group, highlighted the importance of node operators in the cryptocurrency ecosystem, ensuring the security and reliability of smart contracts:
“By building a decentralized oracle, we are helping to create a more decentralized and trustless future for blockchain technology. We believe that on-chain is the next online, and we look forward to working with Chainlink to advance this future.” hope to do.”
William Reilly, global head of centralized finance, sales and strategy at Chainlink Labs, said the latest node operator will add experience and robust infrastructure to the Oracle Network, benefiting a wide range of Web3 products, services and applications:
“Their (Coinbase Cloud) partnership will undoubtedly contribute to the advancement of decentralized applications, taking the blockchain industry to new heights.”
Coinbase signaled its intention to become a central pillar in the wider Web 3 ecosystem in 2021, with Coinbase Chief Product Officer Surojit Chatterjee highlighting its ambition to become the crypto industry’s Amazon Web Services.
Coinbase Cloud is central to this gambit, with its suite of products powering many services in 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 build and manage Web3 applications, while the firm also launched its own Ethereum layer-2 network called Base in February 2022.
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