As reported by Cointelegraph, Coinbase Cloud will improve its global infrastructure and user experience for managing blockchain data, stated Cointelegraph. The addition of Coinbase Cloud as a node operator is expected to support the reliability and security of the Chainlink blockchain oracle network.
Sources revealed that the United States-based crypto exchange’s cloud functions will provide service as a new node operator on the Chainlink for improving the decentralized Web3.0 system.
Experts believe that Chainlink will help to bridge the gap between Web 2.0 and Web 3.0 by formatting, sourcing and transmitting data to smart contracts. For example, Chainlink’s decentralized price feed secures about $22 billion of value locked in decentralized finance (DeFi) protocols, which include Synthetix, Aave, Compound and dYdX, Cointelegraph highlighted.
Furthermore, “Their [Coinbase Cloud] involvement will undoubtedly contribute to the advancement of decentralized applications, further propelling the blockchain industry to new heights,” William Reilly, global head of centralized finance, sales and strategy, Chainlink Labs, told Cointelegraph.
(With insights from Cointelegraph)
