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Coinbase wants to build the AWS for crypto

Node is Coinbase's new product to help developers build on the Ethereum blockchain.

The Coinbase logo, with coins.

Node is Coinbase’s first major free self-serve developer product.

Photo: Jakub Porzycki/NurPhoto via Getty Images

Coinbase is launching a new product to connect developers to the Ethereum blockchain as part of its effort to offer a full stack of crypto infrastructure technology and diversify its business away from consumer trading revenue.

The new Node product provides APIs for developers to connect to the Ethereum blockchain, the most popular system for smart contracts. Its free plan gives up to 120,000 daily requests. It also has an API specifically for developers building NFTs.

“We think the product that we’re [launching today] is the most fundamental piece for anybody building in the ecosystem,” said Luv Kothari, a product manager overseeing Node at Coinbase. “It's almost like going to AWS and getting an EC2 instance so you can start writing code and then deploying your code.”

That idea of becoming the AWS of blockchain infrastructure is a goal for many companies and the investors backing them.

Part of Coinbase Cloud, Node is Coinbase’s first major free self-serve developer product. Coinbase’s Query & Transact service connecting enterprise customers to blockchains launched in 2020, but the new product is free and adds NFT functionality and other new ways to query the blockchain.

It also fits into Coinbase's long-stated goal to diversify its business from just trading revenue to other types of businesses.

While there are already large startups competing with Coinbase in areas such as custody and node infrastructure, Coinbase is seeking to leverage its existing products that connect to Node, such as its Pay SDK for fiat-to-crypto transfers, trading APIs and Commerce API for accepting payments.

Tomio Geron

Tomio Geron ( @tomiogeron) is a San Francisco-based reporter covering fintech. He was previously a reporter and editor at The Wall Street Journal, covering venture capital and startups. He was also as a staff writer at Forbes covering social media and venture capital, and edited the Midas List of top tech investors. He can be reached at tgeron@protocol.com or tgeron@protonmail.com.

crypto infrastructurenodescoinbasecryptocryptocurrency
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