Coinbase, the San Francisco-based cryptocurrency exchange, has introduced what it is called the Coinbase Price Oracle, according to a blog post from the group.
Oracles, as you may know, “report on asset prices in order for the protocol to function” in any decentralized finance application. Now, Coinbase is developing its own: an Oracle API for anyone to plug into and publish on their own chain.
This is to help prevent manipulated information and to ensure that users have access to one of the most reliable price points in the market, which is Coinbase’s. To start, the platform will offer price data for the BTC/USD and ETH/USD markets. All information will be pulled from the Coinbase Pro exchange as well.
The Coinbase Oracle differs from traditional ones in that it tackles three main problems that many others suffer from:
- Price source
- Off-chain filtering
- On-chain filtering
Those more interested in implementing the project can take a look at the development documents here.
Recently, Coinbase invested 1.1 Million in USDC to PoolTogether and Uniswap to help push DeFi forward as well, as InsideBitcoins has previously reported on. This is via the group’s USDC Bootstrap fund, that enables companies to integrate the asset into their own networks.
Source: https://insidebitcoins.com/news/coinbase-launching-price-oracle-api-for-all-to-use/258315
