Coinbase Cloud to run Chainlink node to advance smart contract connectivity

Coinbase Cloud, the Web3 infrastructure division of Coinbase, has announced that it will become a Chainlink (LINK) oracle node operator to improve the security of smart contracts.

In a May 18 statement shared with crypto slate, Coinbase Cloud said Chainlink plays a key role in providing real-world data to Web3 through its decentralized Oracle network. Many Web3 projects rely on this external data, so Coinbase Cloud’s entry into this space means Coinbase Cloud will be part of the decentralized network of oracles powering the Chainlink data feed. .

“We are excited to contribute to the decentralization and reliability of the data feeds that serve many of our core ecosystem players.”

Coinbase Cloud already runs nodes and manages blockchain data infrastructure on networks such as Aptos (APT), Ethereum (ETH), Flow, Solana (SOL) and Algorand (ALGO). The addition of Chainlink helps improve its qualification as a key player in the Web3 ecosystem.

coinbase cloud Group product manager Kai Zhao said the development is a testament to the company’s “commitment to the security and reliability of smart contracts.” Zhao added:

“By building a decentralized oracle, we are helping create a more decentralized and trustworthy future for blockchain technology.”

This statement was further supported by William Reilly, Global Head of Centralized Finance, Sales and Strategy at Chainlink Labs. Riley said:

“[Coinbase’s] Their extensive experience, robust infrastructure and commitment to security make them a valuable addition to the Chainlink ecosystem and their involvement will undoubtedly contribute to the advancement of decentralized applications and take the blockchain industry to new heights. will push you up. ”

with announcement, Coinbase joins the list of well-known companies that have become node operators or provided such infrastructure to operators. Amazon and Deutsche Telekom also provide Web3 infrastructure through their subsidiaries.

Coinbase, on the other hand, has a number of products designed to meet the needs of Web3 users. Her Node product on the exchange allows users to create and deploy her Web3 applications. The platform has also released Base, an Ethereum Layer 2 solution.

Coinbase shares reacted positively to the news, rising 5.46% to $61.04 over the past 24 hours, according to Yahoo Finance.

The article Running Chainlink Nodes on Coinbase Cloud to Drive Smart Contract Connectivity first appeared on CryptoSlate.