Coinbase Launches Project Diamond Platform
Date: 2023-12-12 Author: Dima Zakharov Categories: CRYPTO PAYMENTS
Coinbase's leadership has made an exciting announcement regarding the launch of Project Diamond, a cutting-edge contract platform designed to revolutionize the digital asset market. Developed by experienced asset managers, this platform leverages Coinbase and Base technologies to ensure secure and compliant capital market operations, with a focus on furthering institutional adoption of the global crypto economy.
According to experts, less than 0.25% of the world's total assets are currently integrated into blockchain infrastructure, leaving a significant potential for efficiency improvement untapped. The primary objective of Project Diamond is to bridge this gap by offering institutions the opportunity to embrace next-generation financial technologies.
The debut of the digital debt instrument on Project Diamond marks a significant milestone, as it was successfully issued, distributed, and refined on the platform. This serves as a technical demonstration of the processes for the ADGM RegLab, the regulatory authority overseeing financial services in Abu Dhabi.
Industry specialists emphasize that on-chain financial activities facilitate the issuance of a vast array of debt instruments, providing crucial support to global companies' traditional financial operations.
During testing, transactions involving digital discount notes denominated in US dollars (USD) were seamlessly conducted within a single application at lightning speed, thanks to Base technologies. Coinbase Asset Management's vision for Project Diamond is to create a future where institutions can directly create, distribute, and manage a wide range of digital assets on the network.
