December 12, 2023 6:19 PM | 1 min read
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Crypto exchange Coinbase Global Inc. (NASDAQ:COIN) on Tuesday announced the launch of Project Diamond, a new smart contract-powered platform aimed at institutions, designed to facilitate the creation, purchase and sale of digitally native assets.
The first transaction on Project Diamond was the issuance, distribution and maturity of a digital debt instrument, which served as a technical demonstration for the Financial Services Regulatory Authority, Coinbase stated in a blog.
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This initial transaction, conducted on Nov. 10, was part of Coinbase‘s preparation to enter the Abu Dhabi Global Market (ADGM) RegLab sandbox, a regulatory framework designed to foster innovation in financial services.
Project Diamond leverages the Coinbase technology stack and Base (CRYPTO: BASE), an Ethereum (CRYPTO: ETH) Layer-2 blockchain, to offer secure and compliant capital market activities.
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This integration aims to enhance operational efficiency in the financial sector by enabling near-instant settlement speeds and simplifying financial processes.
The platform’s debut transaction involved a digital discount note denominated in USD Coin (CRYPTO: USDC), showcasing the potential for faster and more efficient financial transactions.
Currently, less than 0.25% of global assets are represented on blockchain infrastructure, indicating a significant opportunity for efficiency gains and innovation in the financial sector, Coinbase stated, adding that Project Diamond’s objective is to bridge this gap by enabling institutional use of advanced financial technology.
The platform is expected to support a wide range of digitally native assets, allowing institutions to directly manage these assets on the blockchain.
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Photo: Screenshot, Coinbase video
“Finish 2023 Strong With 3 Hot Stock Ideas – Practically Free”
Ready for your shot at the next potential 32%, 39% or 45% gains in today’s market? You’re about to miss Stock Expert Gianni Di Poce’s 3 latest stock ideas… Ones that could shift your entire wealth-building journey. If you’re ready to end 2023 strong with 12 hot stock ideas every single month. ACT FAST.
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