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Cryptopolitan 2024-12-11 05:20:55

Chainlink joins forces with Coinbase’s Project Diamond for tokenized asset management

Chainlink joins forces with Coinbase’s Project Diamond for tokenized asset management

Blockchain oracle network Chainlink has partnered with Coinbase’s Project Diamond, Coinbase’s digital asset platform designed for global institutions. This collaboration aims to deliver essential data and enable comprehensive lifecycle management of newly tokenized assets on the platform. According to Johann Eid, chief business officer at Chainlink Labs, the collaboration will enable banks and financial institutions to utilize verifiable data via Chainlink, enhancing their operations. Chainlink integration enhances Project Diamond for institutional adoption Project Diamond operates under the regulation of the Financial Services Regulatory Authority within the Abu Dhabi Global Market (ADGM) and is a participant in the ADGM RegLab sandbox under the trade name Onchain Marketplace. The integration with Chainlink includes significant upgrades to its capabilities. Peregrine, a PSG Digital business regulated by ADGM, will serve as the primary user of the integrated platform. Through its Cross-Chain Interoperability Protocol (CCIP), Chainlink will offer seamless data sharing and connectivity between public and private blockchains as well as existing financial systems, ensuring compliance-focused solutions for users. Marcel Kasumovich, deputy chief investment officer at Coinbase Asset Management , commented: By incorporating Chainlink’s standards directly into the Project Diamond platform, built on Coinbase’s Base infrastructure, we’re setting the foundation for widespread institutional adoption of digital assets. ~ Marcel Kasumovich Coinbase Asset Management launched Project Diamond in December 2023, which is not accessible to users in the United States. Meanwhile, Chainlink introduced CCIP in April, providing capabilities for cross-chain token transfers and smart contract messaging across various blockchain ecosystems. Chainlink expands operations in MENA and advances global blockchain projects Chainlink Labs, the key developer behind Chainlink, has also announced the establishment of a presence in Abu Dhabi through the ADGM Registration Authority, marking a significant move to expand operations in the Middle East and North Africa (MENA) region. Angie Walker, global head of banking and capital markets at Chainlink Labs and senior executive officer of its Abu Dhabi division, stated that the MENA region is emerging as a global hotspot for innovation and a leader in adopting onchain finance. Chainlink projects that the tokenized asset market could reach a valuation of $10 trillion by 2030. The company has also teamed up with SWIFT to enable legacy messaging system users to engage with blockchain technology. Chainlink is involved in the Monetary Authority of Singapore’s Project Guardian, where it has developed solutions allowing users to set privacy parameters for their data. A Step-By-Step System To Launching Your Web3 Career and Landing High-Paying Crypto Jobs in 90 Days.

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