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
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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.
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