Boosting Crypto Adoption: Coinbase Launches New Crypto Price Feed
The mainstream crypto adoption has been one of the most important goals that the crypto industry set.
Back in 2019, there have been a lot of moves taking place in this direction, and now, the trend continues, despite the global crisis triggered by the coronavirus pandemic.
Coinbase launches new crypto price feed
It’s been just revealed that Coinbase launched a new feed that can be accessed by anyone to obtain consistent crypto price data in the world of decentralized finance.
DeFi platforms are designed to facilitate the automation of traditional financial services such as borrowing/lending, margin trading and insurance.
These platforms use smart contracts in order to be able to remove middlemen and they also offer the most beneficial terms and interest rates as well.
A lot of DeFi protocols are relying on trusted price feeds in order to function and Coinbase explained that they have been forced to use prices from off-chain sources such as exchanges or algorithmic decentralized exchanges (DEXes) such as Uniswap or Kyber.
According to Coinbase, these options are not the perfect solution.
Boosting crypto adoption and the DeFi movement
“Using data from an off-chain source requires trusting the publisher to post correct prices and keep the signing key safe — the latter historically has proven to be a difficult problem, especially when stakes are high. Similarly, relying on DEX-generated on-chain feeds exposes protocols to various novel attack vectors yet to be fully explored,” Coinbase said.
The company wants to fill this void and this is what made it decided to launch a price feed network that’s allowing anyone to get access to price data for BTC-USD and ETH-USD markets.
The new Coinbase Oracle API is based on data from Coinbase Pro.
Coinbase said that all of this is a part of a bigger effort to push crypto adoption and also to boost the DeFi movement al over the world.
We recommend that you read more details about the Coinbase Price Oracle.
Coinbase is a digital currency exchange headquartered in San Francisco, California.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.