Coinbase’s Project Diamond has adopted the Chainlink Standard to drive institutional adoption of digital assets, according to a Dec. 10 statement shared with CryptoSlate.
Project Diamond by Coinbase Asset Management is aimed at serving institutions outside the US. It leverages a comprehensive infrastructure that includes Coinbase Prime custody, the Prime Onchain Wallet, the Project Diamond platform, USDC, and the exchange’s Ethereum layer-2 network, Base.
Under the name Onchain Marketplace, the initiative is regulated and marketed by the Financial Services Regulatory Authority of Abu Dhabi Global Market.
Chainlink and Project Diamond
Project Diamond can now support tokenized assets through the Chainlink integration, providing asset managers and asset issuers with a compliant and secure solution for scaling operations. Peregrine PSG Digital has been chosen as the first user.
This is in response to the demand for more reliable information about the crypto industry, like market prices and AML/KYC. The move addresses also the requirement for interoperability across chains and seamless integration into traditional financial systems to enhance access and liquidity on secondary markets.
Through Chainlink’s Cross-Chain Interoperability Protocol (CCIP), Project Diamond can ensure seamless cross-chain operations for new assets. Chainlink Functions also enrich tokenized asset with real world, verifiable information across multiple blockchains.
Johann Eid is Chainlink Labs Chief Business Officer. He stressed the need for end-to-end asset lifecycles. This collaboration, he explained, empowers both asset issuers as well as financial institutions. leverage secure and interconnected blockchain solutions effectively.
Strengthening MENA presence
This milestone also marks Chainlink Labs’ growing presence in the MENA region.
Oracle, a developer of blockchain networks, announced that it had opened an Abu Dhabi branch under the Registration Authority of ADGM on December 10. The local expansion aims to enhance adoption of blockchain technologies globally and foster strategic partnerships between financial institutions.
Hamad Sayah Al Mazrouei, CEO of the ADGM Registration Authority, highlighted the region’s growing demand for blockchain-based financial solutions. He stated that Abu Dhabi offers the best environment to promote the growth of innovative technologies, such as Chainlink Standard.
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