Bitcoin News Is Not For Sale

Please don’t skip this message — it only takes a few minutes to read. Sorry to bother you, but time is running out.

Bitcoin is freedom. If you think independent media that is bitcoin-only is important, if you believe information and education about bitcoin matters for adoption, and if you have gained something from our work, we would be grateful if you could chip in $21.

Join the 2% of our readers who occasionally make a donation. If everyone reading this donated just $21, we would reach our target in a couple of hours. $21 won’t break you, we hope.

To cover the cost for our servers, editors, writers, and thumbnail artists we rely on our readers’ generous support.

How You can chip in:

Send sats as a tip to a writer. Each and every one of our writers has an active tipping widget.
Join our campaign on geyser.fund. Awesome perks are waiting for you such as the Bukele Blend Coffee.

Your support ensures that Bitcoin News stays independent with a laser focus on Bitcoin and only Bitcoin.

Funding Progress

Coinbase Launches Crypto Price Oracle

written by

Zachary

Support free journalists: > send a tip

BITCOIN NEWS,
April 24, 2020

Coinbase’s Oracle will provide trustworthy price data to be used in DeFi applications

Coinbase has launched the Coinbase Oracle, which is basically a feed of cryptographically secured price data that can be used on decentralized finance (DeFi) platforms. Currently, price data for Bitcoin versus USD and Ethereum versus USD is available.

DeFi platforms require accurate crypto price data for a variety of applications including liquidating debt positions, algorithmic stablecoins, and the construction of novel crypto derivatives. Up until now DeFi price oracles have generally been from decentralized exchanges (DEXs). and this data was often choppy and not reflective of the actual crypto market due to lack of liquidity on DEXs.

Further, crypto price oracles have been hacked in the past, leading to hackers stealing money out of DeFi platforms and disenfranchising other users.

The Coinbase Oracle on the other hand uses data from Coinbase, which has high liquidity and therefore far more reflective of the crypto market. Also, the Coinbase Oracle is highly secured, to prevent hackers from manipulating the data.

Zooming out, this is yet another milestone in Coinbase’s integration with the DeFi sector.

BitcoinNews.com is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

Follow BitcoinNews.com on Twitter: @bitcoinnewscom
Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Image Courtesy: Pixabay

[tip_author_button]

Help spread this article :)

Zachary

More of the Author

Disclaimer

BitcoinNews.com is NOT INVESTMENT ADVICE

Opinions expressed are entirely their own and do not necessarily reflect those of BitcoinNews.com

For informational purposes only. Individuals and entities should not construe any information on this site as investment, financial, legal, tax, accounting or other advice. Information provided does not constitute a recommendation or endorsement by BitcoinNews.com to buy or sell bitcoin, cryptocurrencies or other financial instruments. Forecasts are inherently limited and cannot be relied upon. Do your own research and consult a professional advisor. The opinion of authors do not reflect those of BitcoinNews.com