World Crypto Global
- Written by: Jared Kirui
- Thu, 04 Jul 2024
- Israel
Cryptocurrency exchange Coinbase is partnering withGreengage, a London-based financial services provider for small and medium enterprises (SMEs), to originateSME debt using the Coinbase Diamond protocol. This collaboration seeks toutilize blockchain technology to provide SMEs with access to capital, promising a more efficient and transparent financing solution.Targeting SME FinancingSpeaking about this new deal, Sean Kiernan, the CEO ofGreengage, mentioned: "We are thrilled to partner with Coinbase on thisgroundbreaking initiative. By originating SME debt on the Coinbase Diamondprotocol, we are not only enhancing our ability to support small and mediumenterprises but also pioneering new financial innovations that will drivegrowth and sustainability in this critical sector."The Coinbase Diamond protocol enhancesthe issuance and management of private capital. Using blockchain technology,the protocol issues native digital debt, making the process more secure andaccessible to a broader range of investors.In a statement shared with Finance Magnates, thepartnership aims to fulfill a crucial need in the SME sector, allowingbusinesses to access institutional-grade credit markets. Greengage is a digital finance platform offering e-moneyaccount services for SMEs. The London-based company focuses on multi-currencyaccounts and credit solutions, which it termed as perfectlyaligning with Coinbase's digital asset services. In addition to e-money accountservices, Greengage offers a B2B lending platform with digital sources ofmoney.Aligning with Coinbase's Digital Asset ServicesLast year, Coinbase unveiled Project Diamond, a platform powered by smart contracts to enable institutions to create, buy, and sell digitally native assets. The launch was marked by the completion ofthe first debt instrument on the platform as the project prepared to enter theAbu Dhabi Global Market (ADGM) RegLab sandbox.Project Diamond utilizes the Coinbase technology stackand Base, an Ethereum layer-2 blockchain, to support capital market activities.This platform aims to address the challenges of asset management inefficiency byproviding institutions with the tools to utilize next-generation financialtechnology. Additionally, Coinbase recently enhanced crypto transferprocesses by supporting the sending and receiving of cryptocurrencies throughlinks shared on messaging and social media platforms. The links can be sharedon WhatsApp, iMessage, Telegram, Facebook, Snapchat, TikTok, and Instagram, oreven via email.This article was written by Jared Kirui at www.financemagnates.com.
