Coinbase announced the integration of Chainlink's infrastructure into its Project Diamond platform to enhance tokenized asset management.
Project Diamond as a Tool for Institutional Adoption
Project Diamond is Coinbase’s anticipated digital asset platform for global institutions. It offers a secure and compliant solution for managing tokenized assets, including real-world asset tokenization, across blockchain ecosystems. Initially serving registered institutional users outside the U.S., Diamond utilizes a tech stack that includes Prime custody, Prime Onchain Wallet, and USDC, integrated with Base layer-2 blockchain, under FSRA ADGM supervision.
Enhancing Data Security and Compliance
A key component of the collaboration is Chainlink’s ability to provide verifiable and secure data, essential for financial industry compliance. Institutional-grade solutions like AML and KYC data ensure Project Diamond meets regulatory standards, enhancing transparency of tokenized asset collaterals, thus attracting institutional investors.
Expanding Chainlink's Presence in MENA Region
Coinciding with this partnership, Chainlink is expanding in the MENA region. On December 10, Chainlink Labs opened an office in Abu Dhabi under ADGM jurisdiction, part of its strategy to increase blockchain adoption with financial institutions in the region.
Chainlink integration in Project Diamond enhances asset management capabilities and regulatory compliance, while its MENA expansion fosters blockchain solution adoption.
