Coinbase Cloud has announced a new partnership with blockchain oracle network Chainlink, in which it will operate as a node operator in order to improve decentralization and smart contract reliability. By offering its global infrastructure and experience in managing blockchain data, the American cryptocurrency exchange’s cloud service aims to enhance the security and reliability of the Chainlink network. Known for servicing leading blockchains such as Ethereum, Solana, Algorand, and Aptos, Coinbase Cloud’s involvement in Chainlink’s network is significant.
Node operators play a crucial role in the Chainlink ecosystem by connecting smart contracts on various blockchains to data and systems. Chainlink essentially serves as a bridge between Web2 and Web3 by sourcing, formatting, and transmitting data to smart contracts. Its work includes providing decentralized price feeds, which secure an estimated $22 billion in value locked in decentralized finance (DeFi) protocols such as Synthetix, Aave, Compound, and dYdX.
Kai Zhao, group product manager at Coinbase Cloud, emphasized the importance of node operators, stating that they help ensure the security and reliability of smart contracts. He added that decentralized oracles contribute to a more decentralized and trustworthy future for blockchain technology, and that joining forces with Chainlink in this capacity is a step towards that vision.
William Reilly, global head of CeFi, Sales & Strategy at Chainlink Labs, also welcomed the partnership, saying that Coinbase Cloud’s experience and robust infrastructure would benefit a variety of web3 products, services, and applications. Reilly believes the collaboration will aid in the progress of decentralized applications and propel the blockchain industry to new heights.
In 2021, Coinbase expressed its intent to become a central pillar in the wider web3 ecosystem. S
Source: Cointelegraph
