Coinbase taps Chainlink to boost institutional crypto adoption in Abu Dhabi

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Top News By Agency By Country By Publication Time The Most Read Stories Most Viewed Agencies All News Coinbase taps Chainlink to boost institutional crypto adoption in Abu Dhabi © Copyright Image: CryptoSlate

Coinbases Project Diamond has adopted the Chainlink Standard to drive institutional adoption of digital assets, according to a Dec. 10 statement shared with CryptoSlate.

Project Diamond, managed by Coinbase Asset Management, focuses on serving institutional users outside the US. It leverages a comprehensive infrastructure that includes Coinbase Prime custody, the Prime Onchain Wallet, the Project Diamond platform, USDC, and the exchanges Ethereum layer-2 network, Base.

The initiative is regulated by the Financial Services Regulatory Authority of the Abu Dhabi Global Market (ADGM) under the trade name Onchain Marketplace.

How Project Diamond will leverage Chainlink

The Chainlink integration enables Project Diamond to support tokenized asset services, offering asset issuers and fund managers a secure and compliant solution to scale operations. Peregrine PSG Digital, a regulated ADGM entity, has been selected as the flagship user.

This move aligns with the increasing demand for reliable data in the crypto sector, such as market prices, proof of reserves, and AML/KYC data. It also addresses the need for cross-chain interoperability and seamless integration with traditional financial systems, enhancing secondary market access and liquidity.

Through Chainlinks Cross-Chain Interoperability Protocol (CCIP), Project Diamond can ensure seamless cross-chain operations for new assets. Additionally, Chainlink Functions will enrich tokenized assets with real-world, verifiable data across multiple blockchains.

Chainlink Labs chief business officer Johann Eid emphasized the importance of end-to-end lifecycle management for tokenized assets. He explained that this collaboration empowers asset issuers and financial institutions to leverage secure and interconnected blockchain solutions effectively.

Strengthening MENA presence

This milestone also marks Chainlink Labs growing presence in the MENA region.

On Dec. 10, the Oracle blockchain network developer revealed that it has established an office in Abu Dhabi under the Registration Authority of ADGM. This local expansion is designed to foster strategic partnerships with financial institutions and enhance the adoption of blockchain solutions globally.

Hamad Sayah Al Mazrouei, CEO of the ADGM Registration Authority, highlighted the regions growing demand for blockchain-based financial solutions. He noted that Abu Dhabi provides the ideal environment to support the expansion of innovative technologies like the Chainlink Standard.

Read more: https://cryptoslate.com/coinbase-taps-chainlink-to-boost-institutional-crypto-adoption-in-abu-dhabi/

Text source: CryptoSlate

Adoption Exchanges Featured Technology Abu Dhabi chainlink Coinbase Written by Oluwapelumi Adejumo On Wed, 11 Dec 2024 Disclaimer: Financial information and news are not financial advice, read the disclaimer. Buy & sell Crypto in minutes

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