Coinbase’s Project Diamond Strategically Integrates the Chainlink Standard To Scale Institutional Adoption of Digital Assets
Coinbase‘s Project Diamond is natively leveraging the Chainlink standard to unlock utility and unify liquidity for institutional asset issuers and fund managers.
ABU DHABI, UAE, Dec. 10, 2024 /PRNewswire/ — Chainlink, the standard for onchain finance, and Coinbase announced today that Coinbase‘s Project Diamond—a compliant digital asset platform for global institutions—is adopting the Chainlink standard as infrastructure for powering the full lifecycle management of tokenized assets.
Peregrine, PSG Digital’s regulated business in the ADGM, will be the flagship user.
As the digital asset space grows, access to secure onchain data, including market prices, reference data, AML/KYC data, and proof of reserves is becoming more important. Moreover, digital assets need to be interoperable across public and private chains, as well as existing financial systems, to provide access to secondary markets and unified liquidity. By natively integrating the Chainlink standard, Coinbase‘s Project Diamond platform can now offer data and cross-chain connectivity in a secure way that helps meet the compliance needs of institutional adopters.
Chainlink’s Cross-Chain Interoperability Protocol (CCIP) is enabling new assets on Coinbase‘s Project Diamond platform to become interoperable with public or private blockchains. Chainlink Functions enriches these assets with high-quality, real-world data, no matter which chain they move across via CCIP. With Chainlink natively integrated into the Project Diamond platform, asset issuers and fund managers have a secure and compliant solution to quickly scale their tokenized assets across public and private blockchains through verifiable data connectivity. The integration of the Chainlink standard will also enhance the existing Coinbase Project Diamond implementation for Abu Dhabi Global Market’s (ADGM) RegLab.
“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,” stated Marcel Kasumovich, Deputy Chief Investment Officer at Coinbase Asset Management. “By integrating the Chainlink standard natively into the Project Diamond platform, powered by Coinbase‘s tech stack on Base, we’re paving the way for widespread institutional adoption of digital assets.”
“Coinbase‘s adoption of the Chainlink standard for the Project Diamond platform underscores the critical importance of solving the end-to-end lifecycle management of tokenized assets,” stated Johann Eid, Chief Business Officer at Chainlink Labs. “This strategic integration helps asset issuers, banks, and financial institutions natively leverage Chainlink for verifiable data and secure cross-chain interoperability to solve critical tokenized asset requirements and increase the institutional adoption of digital assets in a scalable and compliant manner.”
“As a flagship user, Peregrine, PSG Digital’s regulated business in the ADGM is excited to bring institutional-grade, real-world assets to Coinbase‘s Project Diamond platform,” said Dennis O’Connell, Chief Technology Officer at Peregrine Digital. “As the standard for onchain finance, Chainlink unifies liquidity, enhances composability, and provides greater transparency around the collateral underlying tokenized assets, creating a more attractive debt product for institutional investors by delivering substantial savings in both time and cost for all participants.”
About Project Diamond
Project Diamond is being developed by Coinbase Asset Management and initial use cases will be for registered institutional users outside the U.S. only. Project Diamond harnesses the power of the Coinbase technology stack: Coinbase Prime custody, Prime Onchain Wallet, the Project Diamond platform, and USDC, all connected to the Base layer-2 blockchain. Project Diamond is regulated by the Financial Services Regulatory Authority of ADGM under the trade name Onchain Marketplace.
About Coinbase
Crypto creates economic freedom by ensuring that people can participate fairly in the economy, and Coinbase is on a mission to increase economic freedom for more than 1 billion people. We’re updating the century-old financial system by providing a trusted platform that makes it easy for people and institutions to engage with crypto assets, including trading, staking, safekeeping, spending, and fast, free global transfers. We also provide critical infrastructure for onchain activity and support builders who share our vision that onchain is the new online. And together with the crypto community, we advocate for responsible rules to make the benefits of crypto available around the world. Through initiatives like Project Diamond, Coinbase continues to set new standards in digital asset management and blockchain-enabled finance. For more information, visit coinbase.com
About Chainlink
Chainlink is the standard for onchain finance, verifiable data, and cross-chain interoperability. Chainlink is unifying liquidity across global markets and has enabled over $17 trillion in transaction value across the blockchain economy. Major financial market infrastructures and institutions, such as Swift, Fidelity International, and ANZ Bank, as well as top DeFi protocols including Aave, GMX, and Lido, use Chainlink to power next-generation applications for banking, asset management, and other major sectors. Learn more by visiting chain.link.
About PSG Digital and Peregrine
PSG is a pioneering investment and advisory firm specializing in the convergence of blockchain, digital assets, and renewable technologies. PSG owns and operates Peregrine, a Category 3C license holder in ADGM, regulated by the Financial Services Regulatory Authority, with extensive experience in fund management, operations, and regulatory compliance. Peregrine brings institutional rigor to the evolving landscape of tokenized finance by enabling the seamless integration of real-world assets with blockchain technology. Leveraging its deep expertise in investment structuring and blockchain integration, PSG empowers institutional clients with secure, transparent, and efficient financial solutions, designed to transform traditional markets. PSG is committed to shaping the future of finance through innovation, collaboration, and a focus on sustainability.
Contact: press@chain.link
SOURCE Chainlink
