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Home»ADOPTION NEWS»Coinbase is seeking diamond-handed institutions with the launch of a new project.
ADOPTION NEWS

Coinbase is seeking diamond-handed institutions with the launch of a new project.

By Crypto FlexsDecember 12, 20233 Mins Read
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Coinbase is seeking diamond-handed institutions with the launch of a new project.
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Coinbase and Coinbase Asset Management have launched “Project Diamond,” a smart contract-based platform designed to enable institutions to create, manage, buy, and sell a variety of digital native assets directly on chain.

Coinbase Asset Management said Project Diamond’s initial use cases will be limited to registered institutional users outside the United States. USDC

-0.02%
stablecoin and Coinbase-based Ethereum Layer 2 blockchain Base, according to the release.

The platform launched its first digital debt instrument on November 10 as a feasibility demonstration for the UAE financial services regulator. The demonstration was conducted in preparation for entry into the Abu Dhabi Global Markets RegLab, which has received in-principle approval to conduct regulatory activities within the sandbox. According to its website, ADGM RegLab is a specifically tailored regulatory framework that provides a controlled environment for FinTech participants to develop and test innovative solutions.

Coinbase claims that less than 0.25% of global assets are currently represented on blockchain infrastructure, representing significant potential for increased efficiency. Project Diamond aims to bridge this gap by demonstrating an initial digital discount voucher denominated in USDC and traded within a single application with near-instant settlement speeds on Base, Coinbase added.

Yesterday, Coinbase’s cryptocurrency exchange listed SEAM, the governance token of decentralized lending and borrowing platform Seamless Protocol, starting an airdrop of native Base-based tokens.

Last week, Coinbase launched the ability to send money via links sent on WhatsApp, TikTok, and Instagram using Coinbase Wallet.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

James Hunt is a reporter for The Block, based in the United Kingdom. As a writer for The Daily newsletter, James also brings you up to speed on the latest cryptocurrency news every week. Before joining The Block in 2022, James spent four years in the industry as a freelance writer, contributing content to publications and cryptocurrency projects. James’ coverage ranges from Bitcoin and Ethereum to layer 2 scaling solutions, avant-garde DeFi protocols, evolving DAO governance structures, modern NFTs and memecoins, regulatory environments, cryptocurrency company trading, and the immersive metaverse. It’s all-encompassing. You can reach James on Twitter or Telegram via @humanjets or email him at (email protected).
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