COIN Stock Gains After Coinbase Deepens DeFi Strategy With Chainlink Integration

• Coinbase announced that it had integrated Chainlink’s DataLink service to publish institutional-grade exchange data on-chain for the first time.
• It stated that the integration enables access to order book data, spot prices, and futures data across crypto and traditional asset classes.
• The company said the move is aimed at improving pricing accuracy, transparency, and risk management in decentralized finance markets.

Coinbase (COIN) announced on Wednesday that it has integrated Chainlink’s (LINK) DataLink service to bring its institutional-grade exchange data on-chain for the first time.

The company said the integration allowed high-quality trading data from Coinbase to be published directly on-chain via Chainlink’s oracle network. Coinbase stated this would help improve pricing accuracy, risk management, and transparency across decentralized applications.

COIN’s stock rose nearly 4% in morning trade, but remains down by over 18% year to date. On Stocktwits, retail sentiment around the cryptocurrency exchange improved to ‘bearish’ from ‘extremely bearish’ over the past day, and chatter rose to ‘high’ from ‘normal’ levels. 

LINK’s price also rose nearly 4% in the last 24 hours to around $9.40. The token has been unable to break past the $10 barrier since January and remains more than 80% below its record high of $52.70 seen almost five years ago, according to CoinGecko data. On Stocktwits, retail sentiment around the altcoin remained in ‘bearish’ territory amid ‘normal’ levels of chatter. 

Coinbase Makes Another Move Into Decentralized Finance

This is the second move Coinbase has made in less than a week to deepen its presence in decentralized finance (DeFi). The company announced last week that it was launching perpetual futures trading on its exchange, which included leveraged trading on Magnificent 7 (MAGS) stocks like Apple (AAPL) and Nvidia (NVDA), along with funds such as the SPDR S&P 500 ETF Trust (SPY) and the Nasdaq-100 tracking Invesco QQQ Trust Series 1 (QQQ).

Coinbase said it would make a range of its premium datasets available on-chain through DataLink. These include order book data, spot prices, and perpetual futures data from Coinbase International Exchange. The company said it would also include e-mini futures and additional datasets covering crypto, metals, energy, and equity futures via Coinbase Derivatives Exchange.

The adoption of DataLink follows recent Chainlink integrations from Coinbase, including the Base-Solana Bridge going live secured by Chainlink CCIP, and Coinbase selecting CCIP as its exclusive interoperability provider for all Coinbase Wrapped Assets.

Read also: Bitcoin Holds Above $71,000 After Oil Drops On Iran Peace Plan Reports – Dogecoin, Cardano Outperform

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