Cryptocurrency exchange Coinbase launches “Project Diamond” for institutional investors in the Middle East

Also use Base chain

Cryptocurrency exchange Coinbase and its asset management business Coinbase Asset Management have launched “Project Diamond” in Abu Dhabi, the Middle East.

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Project Diamond aims to build a new capital market by combining Coinbase’s custody service, Coinbase’s Web3 wallet, Circle’s USDC stablecoin, and Layer 2 network Base. It is an on-chain platform powered by smart contracts designed to allow institutional investors to create, manage, buy and sell various digital native assets directly on-chain.

The platform issued its first digital bond on the 10th of last month as a demonstration to the United Arab Emirates’ financial services regulator.

The demonstration was conducted in preparation for entering the Abu Dhabi Global Market Regulatory Lab (ADGM RegLab), which received in-principle approval to carry out regulatory activities within the sandbox system. According to the ADGM RegLab website, it is a specially tailored regulatory framework that provides fintech participants with a controlled environment to develop and test innovative solutions.

This platform is being developed as an advanced version of RWA (real world asset) tokenization service primarily for institutional investors, so it can not only tokenize traditional existing assets, but also create digital assets directly on the blockchain from scratch. It is also possible. The digital bonds mentioned above refer to “digital native assets,” which are assets whose life cycle is completed on-chain.

Coinbase claimed that less than 0.25% of global assets currently reside on blockchain infrastructure, showing huge potential for efficiency.

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