Coinbase Integrates Chainlink Technology into Project Diamond
Date: 2024-12-11 Author: Gabriel Deangelo Categories: BLOCKCHAIN
Project Diamond is Coinbase’s regulated platform designed to support global institutions in the use of cryptocurrency. According to a press release on December 10, Coinbase is using the Chainlink Cross-Chain Interoperability Protocol (CCIP) to power the platform’s functionality.
CCIP provides secure data access and interoperability between public and private blockchains, significantly expanding the functionality of Project Diamond. According to Marcel Kasumovic, Deputy Chief Investment Officer at Coinbase Asset Management, the integration of the Chainlink standard into a platform built on Coinbase’s Base technology facilitates the widespread adoption of digital assets among institutions.
Johann Eid, Director of Business Development at Chainlink Labs, noted that the integration will allow banks and financial institutions to leverage trusted data through Chainlink, improving their operational processes.
Additionally, the integration enables asset issuers and fund managers to use the platform to scale tokenized assets in a compliant manner, with a particular focus on the project’s implementation in the Abu Dhabi International Financial Centre (ADGM).
The first user of the platform will be Peregrine, a PSG Digital venture licensed by the ADGM, Coinbase announced.
Project Diamond is built on Coinbase’s technology foundation, including custody solutions, on-chain wallets, and the USDC stablecoin running on the second-layer Base blockchain. The platform is also regulated by the ADGM, ensuring compliance with international standards.
This integration highlights Coinbase and Chainlink’s commitment to building trusted solutions for institutional clients, opening up new opportunities for the widespread adoption of tokenized assets.
