Major cryptocurrency exchange Coinbase pro has added support for Chainlink, per a blog post on June 26.

Coinbase has listed 2 trading pairs for the token of smart contract platform Chainlink (LINK) on its skilled trading platform.

LINK are offered to trade with the U.S. dollar (LINK/USD) and with ether (ETH) (LINK/ETH). The post says that the token is offered in all its coated jurisdictions apart from the state New York.

According to the announcement, Coinbase pro can roll out choices for LINK in four steps. The four steps are (1) transfer-only, (2) post-only, (3) limit-only, and (4) full trading. For the first 3 choices, respectively, users will place LINK in their Coinbase pro accounts, post limit orders, and wait to receive order matches.

The announcement additionally states that phase updates are declared via Twitter. At press time, Coinbase pro has solely declared the beginning of the transfer-only phase.

As per the announcement, LINK is an ERC-20 token native to the Chainlink decentralized oracle network. in step with Chainlink’s whitepaper, LINK is that the token used for payments in Ethereum smart contracts backed on Chainlink:

“In order for a smart contract on networks like Ethereum to use a ChainLink node, they'll ought to pay their chosen ChainLink Node Operator using LINK tokens, with costs being set by the node operator supported demand for the off-chain resource their ChainLink provides, and therefore the supply of other similar resources.”

The Chainlink network reportedly supports Ethereum smart contracts that rely on inputs from external data sources, APIs, and payment systems. As per the Chainlink website:

“By permitting multiple Chainlinks to evaluate a similar data before it becomes a trigger, we tend to eliminate anyone point of failure, and maintain the general price of a smart contract that's extremely secure, reliable, and trustworthy.”

As antecedently reported by Top Market Group ,Coinbase pro increased its fees and declared a different market structure for the platform in March.

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