Coinbase Cloud, the crypto exchange's cloud services arm, recently announced a partnership with Chainlink Network to expand its presence in the decentralized sphere.
As part of the collaboration, Coinbase Cloud will serve as a node operator, contributing its extensive experience and infrastructure to the Chainlink Network. This strategic partnership is expected to boost the multi-chain ecosystem by delivering high-quality data for Web3 applications.
Chainlink Network is renowned as a leading oracle solution and Web3 services platform. It forms a crucial bridge between blockchain-based smart contracts and external data and systems, seamlessly connecting the evolving Web3 and the traditional Web2 worlds. Chainlink's decentralized oracle networks (DONs) source, format, and deliver real-world data to smart contracts, thereby significantly enhancing the transparency and efficiency of on-chain economies.
To date, the Chainlink Network has been a key enabler of a significant amount of economic activity, with over $7T in transaction value facilitated and more than 7.4 billion data points delivered on-chain. The services offered by Chainlink are broad-ranging and include Price Feeds, VRF, Proof of Reserve, Automation, Functions, and CCIP. By deciding to join as a node operator, Coinbase Cloud is poised to contribute towards maintaining the security and reliability of these services provided by Chainlink.
Coinbase Cloud is a secure and robust blockchain infrastructure platform that empowers developers with the necessary tools and services to create, deploy, and scale their blockchain applications. The platform offers a vast range of features. It provides staking services for individual investors, enterprises, and institutions, facilitating users to earn rewards for offering security and services to Proof of Stake networks. The platform's Wallet as a Service (WaaS) is a turnkey solution for building and managing secure crypto wallets, featuring essential components like key management, hot/cold storage, and multi-factor authentication. Developers also have access to the Coinbase Pay SDK, simplifying the integration of crypto payments into their applications and supporting a broad array of cryptocurrencies and payment methods.
Coinbase Cloud also offers a scalable Node solution for running nodes on various blockchain networks, a crucial element for participation in these networks. It also includes Coinbase Commerce, a payment solution facilitating businesses to accept crypto payments, characterized by easy setup, fraud and chargeback protection, and reporting features. On the infrastructure side, Coinbase also operates Base, a comprehensive developer platform, grants developers access to Coinbase's APIs, documentation, and support, making it an invaluable resource for both seasoned developers and those just starting out with Coinbase Cloud. Backed by Coinbase's extensive expertise and experience in the blockchain sector, Coinbase Cloud serves as a robust platform for developing and deploying secure and dependable blockchain applications.
The crypto exchange's cloud services division will move to launch a Chainlink node to leverage its robust multi-region, multi-cloud infrastructure. It brings to the table its substantial background in managing blockchain data for high-throughput networks, including Aptos, Solana, Ethereum, Algorand, and Flow. This also means that such a collaboration will benefit from Coinbase Cloud's enterprise-grade security, which will help maintain the quality and reliability of the data provided.
Kai Zhao, Group Product Manager at Coinbase Cloud, shares:
"[through the process of] building decentralized Oracles, we are helping to create a more decentralized and trustworthy future for blockchain technology. We believe onchain is the next online, and we look forward to working with Chainlink to further this future."
Echoing the enthusiasm, William Reilly, Global Head of CeFi, Sales & Strategy at Chainlink Labs, notes that Coinbase Cloud's "extensive experience, robust infrastructure, and commitment to security" are compelling factors that "make [Coinbase Cloud] an invaluable addition to the Chainlink ecosystem."
This partnership represents a substantial development in the Web3 and blockchain industry. With Coinbase Cloud's extensive infrastructure and Chainlink's oracle solution coming together, the provision of high-quality data for Web3 applications is set to improve. This move can be seen as part of a broader trend towards promoting further decentralization and enhancing the integrity of the blockchain industry. The two firms previously collaborated to work on an integration for off-chain feeds.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.