Chainlink’s oracle network will welcome Coinbase Cloud as a node operator to improve high-quality data provision to several blockchain protocols.
To improve the security and dependability of its services, US-based cryptocurrency exchange Coinbase’s cloud service, Coinbase Cloud, has partnered with the Chainlink blockchain oracle network. Coinbase Cloud seeks to further the decentralization of the Web3 ecosystem by utilizing its extensive global infrastructure and expertise in handling blockchain data.
Coinbase Cloud will function as a new node operator on the Chainlink network as part of the agreement. In order to connect smart contracts on different blockchains to external data and systems, node operators are essential. Coinbase Cloud contributes its experience to strengthen the Chainlink network with its current infrastructure supporting well-known blockchains including Ethereum, Solana, Algorand, and Aptos.
The target of Coinbase Cloud’s partnership with Chainlink is to advance the expansion and improvement of the Web3 ecosystem. For smart contract applications that depend on precise and timely data from external sources, it is essential to increase the decentralization of blockchain oracle networks like Chainlink.
The collaboration between Coinbase Cloud and Chainlink shows how the cryptocurrency sector works together to fortify the supporting infrastructure and offer dependable services to enable the spread of blockchain technology.
Coinbase Cloud group product manager Kai Zhao highlighted the importance of node operators across the cryptocurrency ecosystem, ensuring the security and reliability of smart contracts:
“By building decentralized Oracles, we are helping to create a more decentralized and trustworthy future for blockchain technology. We believe on-chain is the next online, and we look forward to working with Chainlink to further this future.“
William Reilly, global head of centralized finance, sales, and strategy at Chainlink Labs, noted that the newest node operator would strengthen the Oracle network’s architecture and bring experience, which would be advantageous for a variety of Web3 products, services, and applications:
“Their [Coinbase Cloud] involvement will undoubtedly contribute to the advancement of decentralized applications, further propelling the blockchain industry to new heights.“
Coinbase stated its intent to become a key player in the Web3 ecosystem and establish itself as the Amazon Web Services (AWS) of the cryptocurrency sector in 2021. Surojit Chatterjee, chief product officer at Coinbase, expressed this goal, expressing the company’s intention to offer a full range of services and infrastructure to meet the expanding demands of the crypto community.
Coinbase intends to establish itself as a reputable and trustworthy provider of blockchain services, delivering scalable solutions for companies and developers in the cryptocurrency market, drawing comparisons to AWS, which is well-known as a dominating player in the cloud computing space. The goal of Coinbase is to aid in the global development and uptake of Web3 technology.