Coinbase plans to integrate Chainlink into its Project Diamond platform, which will allow for managing tokenized assets across different blockchains.
Project Diamond: New Platform for Institutional Investors
Project Diamond is Coinbase’s new digital asset platform specifically designed for global institutional users. The platform aims to provide a secure and compliant solution for managing tokenized assets across multiple blockchain ecosystems. Initially, it will serve registered institutional users outside the U.S., incorporating components such as Coinbase Prime custody, Prime Onchain Wallet, and USDC, integrated with the layer-2 Base blockchain.
Enhancing Data Security and Compliance
One of the key aspects of the collaboration with Chainlink is the ability to provide verifiable and secure data, essential for compliance in the financial industry. Chainlink offers institutional-grade solutions like anti-money laundering (AML), know-your-customer (KYC) data, and market prices, enabling Project Diamond to meet all necessary regulatory requirements. This enhances the attractiveness of tokenized assets to institutional investors by lowering risk and increasing transparency.
Chainlink's Expansion in the MENA Region
Chainlink is also expanding its operations in the Middle East and North Africa (MENA) region. The company has opened an office in Abu Dhabi, allowing Chainlink to collaborate more actively with financial institutions in the region and facilitate the adoption of blockchain-based solutions.
The partnership between Coinbase and Chainlink is aimed at advancing the management of tokenized assets, ensuring the integration of innovative solutions and compliance with international standards, making them more accessible and attractive to institutional investors.
