Coinbase, one of the world’s leading crypto exchanges, recently announced two major new features: the launch of its Coinbase One subscription service in three more countries, and Coinbase Cloud, which connects to Chainlink’s oracle network to improve the reliability of smart contracts.
Here are all the details.
Summary
Coinbase One: the best solution for traders and Web3 users
As expected, Coinbase recently announced the launch of its subscription offering, Coinbase One, in the UK, Germany and Ireland.
Now available in 35 countries, with a large concentration in Europe, Coinbase One offers the best of Coinbase to new and advanced traders and Web3 users.
Despite the bearish market, Coinbase One has continued to experience steady organic growth. With the launch of three new European markets, Coinbase One is also adding new features to what customers can get from the subscription service.
These include: enhanced wagering rewards, zero trading fees and 24/7 global customer support. There are also exclusive partner offers for members including Messari Pro, Blockworks, Lemonade, CoinTracker and Alto IRA.
There is also a pre-filled 8949 tax form that automatically organises crypto transactions and can be filed directly through online tax filing services or accountants.
Finally, members who sign up for Coinbase One before 25 May can apply for a commemorative “Founding Member” NFT by downloading the latest version of the Coinbase app and clicking on the ‘Apply for your NFT’ icon to follow Coinbase’s step-by-step minting process.
Chainlink’s Oracle network adds Coinbase Cloud as node operator
In other significant news, Coinbase Cloud will use its global infrastructure and expertise in blockchain data management to enhance the security and reliability of Chainlink’s Oracle blockchain network.
In other words, the US-based crypto exchange’s cloud service will act as a new node operator on Chainlink’s network in a partnership designed to enhance the decentralisation of the Web3 ecosystem.
Coinbase Cloud’s infrastructure already powers several leading blockchains, including Ethereum, Solana, Algorand and Aptos.
Chainlink node operators are an integral part of the network and are responsible for connecting smart contracts on different blockchains to data and systems.
Chainlink thus bridges Web2 and Web3 by extracting, formatting and transmitting data to smart contracts.
In this context, Kai Zhao, Product Manager of the Coinbase Cloud Group, stressed the importance of node operators in the cryptocurrency ecosystem, ensuring the security and reliability of smart contracts:
“By building decentralized oracles, we are helping to create a more decentralized and trusted future for blockchain technology. We believe on-chain is the next online thing and look forward to working with Chainlink to drive that future forward.”
On the other hand, William Reilly, global head of centralised finance, sales and strategy at Chainlink Labs, added that the latest node operator will add expertise and robust infrastructure to the Oracle network, benefiting a wide range of Web3 products, services and applications:
“Their involvement will undoubtedly contribute to the advancement of decentralized applications, further propelling the blockchain industry to new heights.”
Bitcoin Lightning Network, SEC and other controversies
The news doesn’t stop there, however, as we see that Coinbase has recently confirmed that it will be integrating the Bitcoin Lightning Network into its platform, ensuring that Bitcoin transactions will expand and move at a faster pace.
As we know, the idea behind the Lightning Network is that it helps move various smaller Bitcoin transactions off-chain, ensuring that the network has less ‘baggage’ to deal with.
By removing some of these smaller transactions from the BTC mainframe, bitcoin can move faster when transferred between wallets, while ensuring that transactions are less expensive.
The Lightning Network news was announced on Twitter by Brian Armstrong, CEO of Coinbase, who said:
We note that this news comes at an interesting time as Coinbase is facing several issues at the moment. In fact, the trading platform recently announced that it had received a Wells Warning from the Securities and Exchange Commission (SEC).
A Wells Warning does not accuse a company of any crime. It is, however, a warning to the company receiving the notice that it is likely to be charged in the future. This gives the company time to prepare and get a good legal team to fight on its behalf.
In any case, there is no guarantee as to whether Coinbase has really done anything wrong or whether this is just another attempt by the SEC to put a spoke in the wheels of the crypto world, and all that remains is to wait and see what happens.
