Coinbase Launches 'Project Diamond'
Coinbase and Coinbase Asset Management launched Project Diamond, a platform for institutional creation, buying, and selling of digitally native assets.
The Deets
- Smart Contract Technology: Project Diamond integrates smart contracts for seamless digital asset transactions.
- Institutional Focus: Designed for institutions to leverage the digital asset market
- First Execution: Successful issuance of a digital debt instrument as a technical demonstration.
- Future Potential: Aiming to join the Abu Dhabi Global Market (“ADGM”) RegLab sandbox.
The Bulk
Coinbase, in collaboration with Coinbase Asset Management, unveiled Project Diamond, setting a new standard in the digital asset space. This platform caters specifically to institutions, enabling them to create, buy, and sell digitally native assets with ease and security.
The platform’s first significant milestone was the issuance and maturation of a digital debt instrument. This event not only demonstrated the platform's capabilities but also marked its readiness to enter the prestigious ADGM RegLab sandbox. The use of the Coinbase technology stack and Base, an Ethereum layer-2 blockchain, ensures secure and efficient transactions, addressing a critical need in the expanding cryptoeconomy.
Project Diamond's launch is a strategic move in a market where less than 0.25% of total global assets are currently blockchain-based. By offering a streamlined, institution-friendly platform, Coinbase is poised to significantly close this gap, ushering in a new era of financial technology.
❗Why It Matters
Project Diamond represents a pivotal shift in the digital asset landscape, offering institutions a robust platform for engaging with digitally native assets and to do so through a trusted name in crypto in Coinbase.
🎤 Platform Prose
Coinbase Asset Management is building Project Diamond to enable a future where institutions can create, distribute and manage a wide range of digitally-native assets directly onchainCoinbase Asset Management
🔜 What's Next?
Project Diamond, initially available to registered institutional users outside the U.S., is set to expand its reach and capabilities in the near future.
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