ChainLink, the Ethereum based oracle middleware project, has now been listed at Coinbase.
Confirming the development, Coinbase Pro said:
“Our LINK/USD and LINK/ETH order books will soon enter transfer-only mode, accepting inbound transfers of LINK in supported regions. Orders cannot be placed or filled. Order books will be in transfer-only mode for a minimum of 12 hours.”
This recognition of LINK, ChainLink’s token by Coinbase comes at a moment where most altcoins are bleeding out against Bitcoin’s $13,400 value.
The announcement was made via a Coinbase Pro blog post, which said that trading on the token will be against ETH and the USD. Additionally, LINK will be supported in all Coinbase Pro jurisdictions apart from New York State. The New York state exclusion is due to the recent regulatory tussles between crypto and the Securities and Exchange Commission.
LINK Available to US Crypto Investors
ChainLink enthusiasts on social media could not be more pleased with the Coinbase announcement. This is especially so in a wave of geofencing measures taken by major crypto exchanges against their US customers. As an illustration, Binance the world’s largest crypto exchange made the call to stop serving its American based customers on its leading platform.
The move has been necessitated by the confusing regulatory compliance demands by the SEC. Consequently, the exchange that receives 15 percent of its traffic from US customers will serve them in a separate exchange. Besides, Bittrex has also geofenced 32 digital assets from US investors hot in the heels of Poloniex that did the same earlier on.
ChainLink’s token LINK has experienced optimistic numbers recently. It has been lauded by Google’s cloud computing services arm, Google Cloud in a blog post on “Building hybrid blockchain/cloud applications with Ethereum and Google Cloud”. Oracle, the American software giant, has also decided to work with ChainLink in its startup division.
Solving the Oracle Problem
The partnership will assist 50 startups on the Oracle platform to sell data via monetized APIs. Fernando Ribeiro, the Oracle for Startups senior manager, said that the meld would help the startups sell data to the company’s 430,000 clients. The Oracle Blockchain Platform serves clients in at least 175 nations.
ChainLink, while a lesser-known Ethereum project, is of critical use in smart contracts. It tackles decentralized oracles, a solution that could propel smart contract technology to the mainstream. Built through the prowess of Sergey Nazarov, its technical maestro, ChainLink is the most reputable and largest of all oracle projects to date. Nazarov also is one of the most respected minds in the Oracle solutions ecosystem.
ChainLink makes smart contracts smarter by integrating them with off chain data efficiently. Through the token’s decentralized oracle system, developers can spin up oracles and link external data to their smart contract projects. LINK enthusiasts are very optimistic about its price growth. Most predict that due to its unchallenged position of authority on oracles, its value will surpass that of most other altcoins shortly. ChainLink is however, dependent on the Ethereum blockchain that has been bogged down by scalability problems.
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