Chainlink will enable verifiable data transmission and crosschain interoperability for Coinbase’s Project Diamond.
Blockchain oracle network Chainlink has integrated with Coinbase’s Project Diamond, Coinbase’s digital asset platform for global institutions. The integration will provide data and enable full lifecycle management of new tokenized assets on the platform.
Providing data and interoperability
Project Diamond is regulated by the Financial Services Regulatory Authority of the Abu Dhabi Global Market (ADGM) and is a resident of the ADGM RegLab sandbox. It has the trade name Onchain Marketplace. That implementation will be upgraded in the integration.
Peregrine, the PSG Digital business regulated by the ADGM, will be the flagship user of the integrated platform.
Chainlink will provide data and connectivity between public and private blockchains and existing financial systems through Chainlink’s Cross-Chain Interoperability Protocol (CCIP), assuring users of compliant solutions.
Coinbase Asset Management deputy chief investment officer Marcel Kasumovich
“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 Asset Management introduced Project Diamond in December 2023. Project Diamond is not available to users in the United States. Chainlink debuted the CCIP in April. It allows cross-chain token transfers and smart contract messaging across blockchain networks.
Chainlink’s growing use cases
Chainlink Labs, a primary developer of Chainlink, also announced that it was setting up an entity in Abu Dhabi under the ADGM Registration Authority as a base for expansion in the Middle East and North Africa (MENA) region.
Chainlink Labs global head of banking and capital markets and Chainlink Labs Abu Dhabi senior executive officer Angie Walker said, “The MENA region has become a global destination for innovators from around the world and a hub for the adoption of onchain finance.”
Chainlink has predicted that the tokenized asset market will be worth $10 trillion by 2030. The company has partnered with SWIFT to allow users of the legacy messaging system to interact with blockchain technology.
Chainlink is a participant in the Monetary Authority of Singapore’s Project Guardian and as part of that project developed technology to allow users to establish privacy settings for their data.