Chainlink solves the blockchain oracle problem through a system of highly performant independent oracle node operators that participate in over 1,000 unique decentralized oracle networks responsible for securing tens of billions of dollars in decentralized finance (DeFi) and enabling more than $7.7 trillion in transaction value throughout the smart contract economy.
Today, prominent web3 infrastructure provider Coinbase Cloud announced that it will join the growing list of global enterprises, including Deutsche Telekom, Swisscom, the Associated Press, and AccuWeather, that are boosting the security and scale of the Chainlink Network as Chainlink node operators.
The news comes on the heels of several significant collaborations between Chainlink and Coinbase. Last December, Chainlink launched its NFT Floor Price Feeds, created with Coinbase Cloud’s premier NFT pricing methodology, to help unlock hybrid NFT-DeFi use cases capable of bridging the gap between DeFi and NFTs.
In March at ETHDenver, Coinbase launched its developer-friendly Ethereum L2, Base, which integrated Chainlink Price Feeds and joined Chainlink SCALE, a key Chainlink Economics 2.0 initiative aimed at accelerating the growth of L1 and L2 ecosystems through low-cost access to Chainlink’s essential web3 infrastructure.
During a fireside chat with Base lead Jesse Pollak at ETHDenver, Global Head of Blockchain Partnerships at Chainlink Labs, Niki Ariyasinghe, highlighted Coinbase and Chainlink’s shared focus on connecting web2 with web3 and their joint effort to build viable systems for the long term. “One of the really exciting parts for us is aligning values and aligning visions,” he said.
In today’s press release, Global Head of CeFi, Sales & Strategy at Chainlink Labs, William Reilly, said that by contributing its “extensive experience, robust infrastructure and commitment to security” to the Chainlink Network as a Chainlink node operator, Coinbase Cloud “will undoubtedly contribute to the advancement of decentralized applications, further propelling the blockchain industry to new heights.”
Coinbase Cloud group product manager Kai Zhao commemorated Coinbase Cloud’s Chainlink node as a milestone in building a “more decentralized and trustworthy future” for the blockchain industry.
“We believe on-chain is the next online, and we look forward to working with Chainlink to further this future,” he said.