The decentralized blockchain oracle network Chainlink has announced a strategic partnership with Coinbase’s Project Diamond, Coinbase’s digital asset platform for global institutions. The integration will provide data and facilitate comprehensive lifecycle management for new tokenized assets on the platform.
Project Diamond, operating under the trade name Onchain Marketplace, is regulated by the Financial Services Regulatory Authority of the Abu Dhabi Global Market (ADGM) and participates in the ADGM RegLab sandbox. The integration will enhance this implementation.
A Seamless Connectivity
Chainlink will also use its Cross-Chain Interoperability Protocol (CCIP) to enable seamless data sharing and connectivity across public and private blockchains and traditional financial systems, ensuring user compliance-focused solutions.
Chainlink Functions enhance these assets by providing reliable, real-world data, regardless of the blockchain they traverse via CCIP. With Chainlink integrated into the Project Diamond platform, asset issuers, and fund managers gain a secure and compliant solution to efficiently scale their tokenized assets across public and private blockchains with verifiable data connectivity.
Commenting on the latest partnership, Marcel Kasumovich, Deputy Chief Investment Officer at Coinbase Asset Management, said:
“Chainlink is essential infrastructure that enables asset issuers, banks, and financial institutions to create tokenized asset solutions that are compliant, secured by verifiable data, and interoperable across any public or private blockchain.”
Kasumovich added that Integrating the Chainlink standard directly into the Project Diamond platform, built on Coinbase’s Base technology, lays the foundation for broad institutional adoption of digital assets.
Chainlinks Lab Enters MENA Region
Coinbase Asset Management launched Project Diamond in December 2023, though it is not accessible to users in the United States. In April, Chainlink introduced the CCIP, enabling cross-chain token transfers and smart contract communication across blockchain networks.
Chainlink Labs, a key developer of Chainlink, announced the establishment of a new entity in Abu Dhabi under the ADGM Registration Authority to support its growth and operations in the Middle East and North Africa (MENA) region.
Angie Walker, Chainlink Labs’ Global Head of Banking and Capital Markets and Senior Executive Officer for Chainlink Labs Abu Dhabi, noted that the MENA region has emerged as a global hotspot for innovators and a central hub for advancing on-chain finance adoption.
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