Cryptocurrency exchange Coinbase has launched a new signed price feed called Coinbase Oracle.
The exchange says the oracle can be accessed via the Coinbase Oracle API. The price feed is fetching the data from Coinbase Pro and updates each minute.
Anyone can publish the prices on-chain and since the data is already signed by Coinbase’s private key, there is no need to trust the publisher. Using the Coinbase Price Oracle public key, anybody can verify the authenticity of the data.
"Anyone can publish the prices on-chain and since the data is already signed by Coinbase’s private key, there is no need to trust the publisher," the exchange said in an official blog announcement.
Coinbase claims the oracle is secured by the same infrastructure that is storing large amounts of crypto assets on behalf of exchange's clients.
The payload returned by the API is developed to be compatible with the Open Oracle, which is a set of Ethereum smart-contracts that the Compound team created and open-sourced to facilitate standardization and interoperability between various sources of oracle price data, the exchange says.
Previously iHodl reported that Coinbase hired Brett Tejpaul, a former executive at Barclays, one of the UK's biggest financial institutions.
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