Coinbase’s Project Diamond has integrated the Chainlink Standard to promote institutional adoption of digital assets, according to a statement on December 10. Project Diamond, managed by Coinbase Asset Management, serves institutional users outside the US and uses a comprehensive infrastructure that includes Coinbase Prime custody, the Prime Onchain Wallet, the Project Diamond platform, USDC, and the exchange’s 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. Chainlink integration allows Project Diamond to support tokenized asset services, providing asset issuers and fund managers with 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 growing demand for reliable data in the crypto sector, such as market prices, proof of reserves, and AML/KYC data, as well as the need for cross-chain interoperability and seamless integration with traditional financial systems, enhancing secondary market access and liquidity.

Through Chainlink’s 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, explaining that this collaboration empowers asset issuers and financial institutions to leverage secure and interconnected blockchain solutions effectively.

This milestone also marks Chainlink Labs’ growing presence in the MENA region. On December 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 region’s 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.

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