Coinbase announced the integration of Chainlink into its Project Diamond platform, aiming to improve the management and security of tokenized assets.
Project Diamond: A Game-Changer for Institutional Adoption?
Project Diamond is Coinbase's digital asset platform aimed at global institutions, providing secure management of tokenized assets across multiple blockchain ecosystems. Initially serving registered institutional users outside the U.S., it uses a robust tech stack including Coinbase Prime custody, Prime Onchain Wallet, and USDC, integrated with the Base layer-2 blockchain.
Enhancing Data Security and Compliance with Chainlink
One of the key components of this collaboration is Chainlink’s ability to provide verifiable and secure data, essential for compliance in the financial industry. Institutional-grade solutions like anti-money laundering (AML) and know-your-customer (KYC) data help Project Diamond meet the necessary regulatory requirements for institutional adoption. The integration also enhances transparency in collateral backing, making tokenized assets more attractive to investors.
Chainlink Expands Its Presence in the MENA Region
Chainlink also announced an expansion into the Middle East and North Africa region, opening an office in Abu Dhabi. This move aims to deepen its involvement with financial institutions in the MENA region and enhance the adoption of tokenized assets.
The integration of Chainlink into Coinbase's Project Diamond aims to improve the management of digital assets and make them more accessible to institutional investors. Chainlink's expansion into the MENA region supports the growth of blockchain technologies there.
