The Coinbase Oracle is not competing with Chainlink

This is just signed price data from a single exchange

It still needs to be aggregated with other data sources, incentivised to be brought on-chain, and a network of decentralized nodes to deliver it reliably https://twitter.com/coinbase/status/1253337999300943876

"Starting today, anyone can use the Coinbase Oracle API to get signed price data for BTC-USD and ETH-USD markets"

Data sources don't compete with decentralized oracle frameworks, they compliment them https://twitter.com/finrekt/status/1253359532719460352?s=20

"The payload returned by the API is designed to be compatible with the Open Oracle — a set of Ethereum smart contracts that the @CompoundFinance team developed and open-sourced to facilitate standardization and interoperability between different sources of oracle price data."

Price feeds are a single subset of Chainlink's capabilities

To think the Coinbase's signed price feed is competing with Chainlink is like thinking YouTube competes with it's video creators or that the military competes with gun manufacturers

It's mutualistic for both

It's also important to note that pulling price data from a single exchange is not enough

You need to pull price data from ALL exchanges, centralized and decentralized, and aggregate them to get a market wide view creating a price feed that is as tamper-resistant as possible

The fact that a major blockchain institution just signaled the importance of oracles in DeFi is incredibly bullish for the oracle space as a whole, particularly for the industry leading oracle framework @Chainlink who can use this signed data as an additional source of price data