Coinbase Uses Chainlink CCIP for Project Diamond, Targets Institutional Investors

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As a researcher with extensive experience in the blockchain and cryptocurrency industry, I find Coinbase’s decision to adopt Chainlink for Project Diamond an intriguing development. Given my background, I have closely followed Chainlink’s growth and partnerships over the years, and it’s clear that they are a significant player in the space.

Coinbase revealed that it’s integrating the Chainlink standard into its Project Diamond, an advanced digital asset system designed for worldwide financial institutions. Notably, the primary user of this project will be Peregrine, a subsidiary of PSG Digital headquartered in Abu Dhabi.

This news comes via a press release shared with BeInCrypto.

Coinbase Incorporates Chainlink CCIP

Coinbase, a well-known global exchange, asserted that Chainlink’s CCIP is an exceptional benchmark for seamless blockchain connectivity. However, Coinbase’s Project Diamond will operate in a significantly distinct market landscape. In the announcement, Coinbase expressed high confidence in their partner.

Chainlink is a system that helps asset issuers, banks, and financial institutions construct tokenized asset solutions that meet regulatory requirements. By incorporating Chainlink’s standard, we are facilitating the broader acceptance of digital assets among institutional investors, as explained by Marcel Kasumovich, Deputy Chief Investment Officer at Coinbase Asset Management to BeInCrypto.

Recently, Chainlink, a prominent player in the cryptocurrency software industry, has been collaborating with significant institutional clients. One such collaboration was announced in early November, where they teamed up to facilitate Swift transactions more efficiently.

Additionally, we successfully established an EU-compatible blockchain financial market infrastructure in December. Moreover, this innovation was applied to a cross-border trading platform in collaboration with Brazil’s Central Bank.

Essentially, it appears the company has enough resources to fulfill Project Diamond’s needs. Coinbase stated that their platform would cater to registered institutional clients worldwide, while its native integration with Chainlink CCIP ensures both security and compliance.

As a crypto investor, I’m thrilled to learn about Peregrine, a subsidiary of PSG Digital based in the Abu Dhabi Global Market (ADGM), expressing enthusiasm for bringing high-quality, real-world assets to Project Diamond. It’s exciting to see Abu Dhabi expanding its role as a significant player in the crypto space, as today, the ADGM has approved Tether’s USDT as an Accepted Virtual Asset, further solidifying its position as a burgeoning hub for digital currencies.

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2024-12-11 08:16