Coinbase Cloud, the Web3 infrastructure division of Coinbase, has announced its partnership with Chainlink (LINK) as an oracle node operator to enhance the security of smart contracts.
In a statement released on May 18 and shared with CryptoSlate, Coinbase Cloud emphasized the significant role played by Chainlink in providing real-world data for Web3 applications through decentralized Oracle networks. As many Web3 projects rely on external data, Coinbase Cloud’s entry into this space means that it will now be a part of the decentralized oracle network powering Chainlink Data Feeds.
Coinbase Cloud already operates nodes and manages blockchain data infrastructure on various networks such as Aptos (APT), Ethereum (ETH), Flow, Solana (SOL), and Algorand (ALGO). The addition of Chainlink will further enhance its credibility as a major player in the Web3 ecosystem.
Kai Zhao, the Group Product Manager at Coinbase Cloud, expressed his enthusiasm about the development, stating that it demonstrates their commitment to the security and reliability of smart contracts. Zhao further added that by building decentralized oracles, they are contributing to the creation of a more decentralized and trustworthy future for blockchain technology.
This statement was supported by William Reilly, the global head of centralized finance, sales, and strategy at Chainlink Labs. Reilly praised Coinbase’s extensive experience, robust infrastructure, and commitment to security, considering them an invaluable addition to the Chainlink ecosystem. He believes that Coinbase’s involvement will undoubtedly contribute to the advancement of decentralized applications and propel the blockchain industry to new heights.
Coinbase now joins a list of prominent companies that operate as node operators or offer infrastructure for operators, including Amazon and Deutsche Telekom through their respective subsidiaries, emphasizing the growing importance of Web3 infrastructure.
In addition to this collaboration, Coinbase offers various products tailored to meet the needs of Web3 users. Their Node product enables users to create and deploy their Web3 applications, while they have also launched Base, an Ethereum Layer-2 solution.
The news of Coinbase’s partnership with Chainlink has had a positive impact on the company’s stocks. According to Yahoo Finance, Coinbase stocks rose by 5.46% in the last 24 hours, reaching $61.04.