The decentralized Oracle project Chainlink has been officially listed on Coinbase Pro – as the next milestone for the cryptocurrency – the coming altcoin news show. The Chainlink project is increasingly legitimized within and beyond the crypto economy, and this is the latest advancement and its official entrance in the Coinbase ecosystem.
Coinbase Pro announced the news on June 26th, stating that it was activating inbound transfers of LINK, the token that incentivizes the Chainlink network, for Ether (ETH) and dollar (USD) trading pairs in all of the company’s current supported jurisdictions except the US state of New York.
The timing of this listing comes as a big surprise, but not the listing itself. In December last year, Coinbase leaders declared that 31 cryptocurrencies were being considered for listings on its different platforms – and LINK has been cited as one of the specific tokens under consideration. Its latest addition to Coinbase Pro showed a lot of positive things for traders and the market in general.
Many of the (31) targeted projects have indeed gone on to be welcomed on Coinbase Pro and under the exchange’s umbrella. As we mentioned in the latest cryptocurrency news, these include the names of EOS, XRP and Augur (REP) and obviously, Chainlink (LINK) as the latest one in the list.
Since Coinbase has only initially placed buying restrictions on New York traders (traders under the thumb of the state’s strict BitLicense regulations), the exchange and its legal team must have accordingly judged the LINK ERC20 token and saw it as an unregistered security as per the US federal securities laws.
Still, the altcoin news show that the addition of LINK on Coinbase Pro makes it the first project of its kind – and a project centered around Oracle middleware – officially making it on Coinbase.
“This network allows smart contracts on Ethereum to securely connect to external data sources, APIs, and payment systems,” the announcement by the exchange explains.
The exchange (Coinbase Pro) also said the following about Chainlink in a tweet:
“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.”
Chainlink is now a big name for helping smart contracts interact with data beyond a blockchain. Its decentralized oracle system allows users to trustlessly spin up oracles which can be used to link smart contracts to external data sources, as many best cryptocurrency news sites describe the project.
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. https://t.co/BnVOqhFUdV
— Coinbase Pro (@CoinbasePro) June 26, 2019
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