tl;dr
Coinbase's Project Diamond has integrated the Chainlink Standard to drive institutional adoption of digital assets in Abu Dhabi. The initiative, regulated by the Financial Services Regulatory Authority of the Abu Dhabi Global Market (ADGM), aims to offer secure and compliant tokenized asset services...
Coinbase's Project Diamond has integrated the Chainlink Standard to drive institutional adoption of digital assets in Abu Dhabi. The initiative, regulated by the Financial Services Regulatory Authority of the Abu Dhabi Global Market (ADGM), aims to offer secure and compliant tokenized asset services. The integration addresses the demand for reliable data in the crypto sector and enhances cross-chain interoperability and integration with traditional financial systems.
Coinbase Asset Management’s Project Diamond focuses on serving institutional users 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. The initiative is regulated by the Financial Services Regulatory Authority of the Abu Dhabi Global Market (ADGM) under the trade name Onchain Marketplace.
The Chainlink integration enables Project Diamond to support tokenized asset services, offering asset issuers and fund managers a secure and compliant solution to scale operations. Peregrine PSG Digital, a regulated ADGM entity, has been selected as the flagship user. This move aligns with the increasing demand for reliable data in the crypto sector, such as market prices, proof of reserves, and AML/KYC data. It also addresses the need for cross-chain interoperability and seamless integration with traditional financial systems, enhancing secondary market access and liquidity.
This milestone also marks Chainlink Labs’ growing presence in the MENA region. On Dec. 10, the Oracle blockchain network developer revealed that it has established an office in Abu Dhabi under the Registration Authority of ADGM. This local expansion is designed to foster strategic partnerships with financial institutions and enhance the adoption of blockchain solutions globally. Hamad Sayah Al Mazrouei, CEO of the ADGM Registration Authority, highlighted the region’s growing demand for blockchain-based financial solutions. He noted that Abu Dhabi provides the ideal environment to support the expansion of innovative technologies like the Chainlink Standard.