Chainlink Merge With Coinbase
Chainlink, a blockchain oracle network, has integrated with Coinbase’s Project Diamond, the digital asset platform for international organizations. New tokenized assets on the platform can now be fully managed throughout their lifecycle and collect data.
Coinbase announced Project Diamond in December 2023. Users in the United States cannot access Project Diamond. Chainlink launched the CCIP In April. It permits smart contract communication and token transfers between blockchain networks.
Project Diamond resides in the ADGM RegLab sandbox and is governed by the Financial Services Regulatory Authority of the Abu Dhabi Global Market (ADGM).
The ADGM-regulated PSG Digital company Peregrine will be the primary user of the integrated platform.
Users will be guaranteed compliant solutions via the provision of data and connectivity between public and private blockchains on Chainlink’s Cross-Chain Interoperability Protocol (CCIP).
Marcel Kasumovich, deputy chief investment officer at Coinbase Asset Management, stated: “We’re opening the door for broad institutional adoption of digital assets by incorporating the Chainlink standard natively into the Project Diamond platform, which is driven by Coinbase’s tech stack on Base’.
Angie Walker, senior executive officer of Chainlink Labs Abu Dhabi and global head of banking and capital markets, stated, “The MENA region has emerged as a global destination for innovators from around the world and a hub for adoption of on-chain finance.”. According to Chainlink, the market for tokenized assets is expected to reach a valuation of $10 trillion by the end of this decade
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