Cryptocurrency exchange Coinbase’s blockchain infrastructure platform Coinbase Cloud has officially rolled out a Web3 platform for blockchain developers, allowing users to build new decentralized applications (dApps) for free.
Coinbase Cloud successfully launched a new Web3 platform for developers dubbed Node on September 21, 2022. The platform empowers developers to create and monitor their Web3 applications from a user-friendly platform with instant read/write access to blockchains and powerful data indexers to speed up responses.
Coinbase Cloud stated in its official blog:
“The new platform will allow users to create and monitor Web3 applications while accessing the Ethereum blockchain and indexers to speed up responses,”
Luv Kothari, the Group Product Manager for Coinbase Cloud said that the new platform, Node will use backend infrastructure from Bison Trails, a blockchain infrastructure company that Coinbase acquired in 2021. He also added that Node would initially support Ethereum but they will look at integrating other blockchains in the near future.
Node is a regen of Coinbase Cloud’s previous Query & Transact (QT) platform which offers a free node service to developers. The former platform serviced institutions with dedicated blockchain nodes managed on Coinbase Cloud. Among its long list of clients currently using the platform, include, CoinList, Chainalysis, and Crypto.com
Node will allow both open source and enterprise developers to build their applications from a single platform, with up to 120,000 free daily blockchain queries. Although Node offers a tiered subscription model, the free plan includes access to advanced APIs that allow for the creation of decentralized applications and non-fungible token (NFT) applications.
Coinbase Cloud claimed that Node enables faster creation of Web3 applications while reducing both complexity and cost. This feeds into the platform’s broader service offerings, which include all-in-one access to payments, identity, trading, and data infrastructure.
The Amazon Web Services of Web3
Launched in October 2021, Coinbase Cloud offers Web3 APIs, services, and blockchain infrastructure to power the next generation of software builders. Its suite of solutions comprises key crypto primitives including data access, staking, payments, trade and exchange, identity, and more.
According to Surojit Chatterjee, Coinbase Chief Product Officer, Coinbase Cloud aims to become the “Amazon Web Services of cryptocurrencies.” The platform has seen significant growth since it was acquired for a reported price of above $80 million.
Coinbase CEO Brian Armstrong also recently talked up the potential of Coinbase Cloud, saying that the company believes that “Coinbase Cloud will gain traction with developers.”
Coinbase Cloud recently launched Solana archival nodes, a tool to facilitate the building of products and services on the Solana (SOL) network.
Meanwhile, Coinbase reported losses of $1.1 billion following the recent crypto market downturn that saw its stock plummet almost three quarters since the beginning of this year.
The company recently launched a staking service to combat declining trading revenue, with plans for a prime brokerage offering and a self-custodial wallet. Armstrong added that the company hopes its subscription services revenue, which accounted for 18 percent of its overall revenue, will grow to 50%.