Coinbase, one of the largest centralized cryptocurrency exchanges, announced that it will become a node operator in this altcoin network.
Coinbase Cloud joins this altcoin as node operator
According to a new announcement, Coinbase Cloud will take part in oracle platform Chainlink (LINK). Coinbase’s cloud services arm said the deal will add capacity and security to the oracle network.
Currently, there are several well-known companies among Chainlink’s node operators. Telecom giants Swisscom, Deutsche Telekom and news provider Associated Press are among Chainlink node operators.
A node operator monitors the real world for data requests such as stock prices and air temperature data. From here, the off-chain receives the information and transmits it to the requesting smart contract.
Chainlink provides 974 data streams, according to the data on its website. The Oracle platform has generated $7.8 trillion worth of transactions since the start of 2022. William Reilly, CeFi global head of sales and strategy at Chainlink Labs, said that Coinbase Cloud brings “extensive experience, solid infrastructure and commitment to security.”
Chainlink strengthens its position in the oracle industry
Coinbase Cloud’s infrastructure already serves several leading blockchains, including Ethereum, Solana, Algorand, and Aptos. Chainlink node operators are also an integral part of the network. It is responsible for connecting smart contracts on different Blockchains to data and systems.
Chainlink bridges Web2 and Web3 by sourcing, formatting and transmitting data to smart contracts. A prime example of this is DeFi price streams, which have secured an estimated $22 billion worth. Chainlink currently provides price data to DeFi protocols including Synthetix, Aave, Compound and dYdX.
Meanwhile, Kai Zhao, product manager for the Coinbase Cloud group, highlights the importance of node operators in the cryptocurrency ecosystem, which ensures the security and reliability of smart contracts:
By building decentralized Oracles, we are helping to create a more decentralized and reliable future for Blockchain technology. We believe on-chain is the next internet and we look forward to working with Chainlink to advance this future.
Coinbase becomes a key player for the Web3 ecosystem
The crypto exchange has signaled its intention to become a central pillar in the wider Web3 ecosystem in 2021. Coinbase chief product officer Surojit Chatterjee highlights the crypto industry’s ambitions to become Amazon Web Services.
Coinbase Cloud is at the center of the market with its suite of products powering a range of services across the ecosystem. The service emerged when Coinbase acquired Blockchain infrastructure provider Bison Trails in early 2021.
Meanwhile, Coinbase Cloud’s Node platform allows users to create and manage Web3 applications. cryptocoin.com As we reported, the firm also launched its own Ethereum layer-2 network called Base in February 2022.
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