Coinbase Cloud plugs into Chainlink oracle network to improve smart contract reliability
Coinbase Cloud will leverage its global infrastructure and experience managing blockchain data to bolster the security and reliability of the Chainlink blockchain oracle network.
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.
Related: Google Cloud broadens Web3 startup program with 11 blockchain firms
Chainlink creates a bridge between Web2 and Web3 by sourcing, formatting and transmitting data to smart contracts. A prime example is Chainlink’s provision of decentralized price feeds, which secures an estimated $22 billion of value locked in decentralized finance (DeFi) protocols, including Synthetix, Aave, Compound and dYdX.
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:
Chainlink Labs global head of centralized finance, sales and strategy, William Reilly, added that the latest node operator would add experience and robust infrastructure to the oracle network, benefitting a wide range of Web3 products, services and applications:
Coinbase signaled its intent to become a central pillar in the wider Web3 ecosystem in 2021, with Coinbase chief product officer Surojit Chatterjee highlighting its ambition to become the Amazon Web Services of the crypto industry.
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