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Coinbase Cloud integrates with the Chainlink oracle network to boost smart contract stability

Simar Marwaha
Simar Marwaha
Published on May 18, 2023 05:54 PM

Surojit Chatterjee, chief product officer at Coinbase, emphasised the company's goal of being the Amazon Web Services of the cryptocurrency industry.

Coinbase Cloud integrates with the Chainlink
Source: Medium

In order to increase the security and dependability of the Chainlink blockchain oracle network, Coinbase Cloud will make use of its extensive worldwide infrastructure and expertise in handling blockchain data.

In a cooperation aimed at enhancing the decentralisation of the Web3 ecosystem, the cloud service of the cryptocurrency exchange with headquarters in the United States will run as a new node operator on the Chainlink network. 

Coinbase Cloud connects to the Chainlink oracle network

Coinbase Cloud will employ its broad global infrastructure and proficiency with handling blockchain data to boost the security and reliability of the Chainlink blockchain oracle network. The cloud service of the cryptocurrency exchange with its headquarters in the United States will operate as a new node operator on the Chainlink network as part of a collaboration to further the decentralisation of the Web3 ecosystem.

The architecture of Coinbase Cloud already supports a number of well-known blockchains, including Ethereum, Solana, Algorand, and Aptos. Operators of Chainlink nodes are essential to the network and are in charge of tying data and systems to smart contracts on various blockchains.

By sourcing, structuring, and transferring data to smart contracts, Chainlink builds a bridge between Web2 and Web3. Providing decentralised price feeds through Chainlink, for instance, safeguards an estimated $22 billion in value that is locked in decentralised finance (DeFi) protocols including Synthetix, Aave, Compound, and dYdX.

In order to ensure the security and dependability of smart contracts, node operators are crucial throughout the bitcoin ecosystem, according to Kai Zhao, group product manager at Coinbase Cloud:

We are assisting in the development of a more decentralised and a reliable future for blockchain technology by developing decentralised Oracles. We are excited to collaborate with Chainlink to advance this future since we think on-chain is the next online.

William Reilly, global head of centralised finance, sales, and strategy at Chainlink Labs, noted that the newest node operator will strengthen the oracle network's architecture and bring experience, which would be useful for a variety of Web3 products, services, and applications:

The development of decentralised apps will surely benefit from their [Coinbase Cloud] cooperation, thus boosting the blockchain sector to new heights.

Coinbase Chief Product Officer Surojit Chatterjee highlighted the company's desire to become the Amazon Web Services of the cryptocurrency sector as a way of indicating its intention to establish itself as a key player in the larger Web3 ecosystem in 2021.

This strategy revolves around Coinbase Cloud, whose product line powers several services throughout the ecosystem. Early in 2021, Coinbase acquired Bison Trails, a provider of blockchain technology, and this led to the creation of the service.

The Node platform from Coinbase Cloud enables customers to build and maintain Web3 apps. In February 2022, the company also introduced Base, its own Ethereum layer-2 network.

Related:

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