Chainlink integrates with the Coinbase tokenized assets platform
Blockchain oracle network Chainlink has been integrated with Coinbase's Project Diamond, Coinbase's digital asset platform for global institutions. The integration provides data and enables full lifecycle management of new alternate assets on the platform.
Providing information and interaction
Project Diamond is regulated by the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM) and is a resident of ADGM's RegLab sandbox. Brand name Onchain has a marketplace. That implementation will evolve in integration.
PSG's digital business Peregrine, managed by ADGM, will be the main user of the integrated platform.
Chainlink provides data and communication between public and private blockchains and existing financial systems through Chainlink's Cross-Chain Interoperability Protocol (CCIP), ensuring compliant solutions for users.
Coinbase Asset Management Deputy Chief Investment Officer Marcel Kasumovich said:
“By integrating the ChainLink standard, powered by Coinbase's tech stack on Base, natively into the Project Diamond platform, we are paving the way for widespread institutional adoption of digital assets.”
Coinbase Asset Management announced Project Diamond in December 2023. Project Diamond is not available to users in the United States. Chainlink launched CCIP in April. It allows for cross-chain token transfers and smart contract messaging across blockchain networks.
Related: Chainlink co-founder notes importance of word-of-mouth networks following NYSE crisis.
Chainlink growing use cases
Chainlink Labs, the lead developer of Chainlink, announced at ADMM Registration Authority that it is establishing an entity in Abu Dhabi as a base for expansion in the Middle East and North Africa (MENA) region.
Source: ADGM
“The MENA region has become a global destination for innovators from around the world and a hub for onchain financing,” said Angie Walker, Head of Global Banking and Capital Markets at Chainlink Labs and Senior Executive at Chainlink Labs Abu Dhabi.
Chainlink predicts that the tokenized asset market will be worth $10 trillion by 2030. The company partnered with SWIFT to enable users of the old messaging system to interact with blockchain technology.
Chainlink is a participant in Singapore's Project Guardian Financial Authority and as part of that project, technology has been developed to allow users to set privacy settings for their data.
Magazine: ChainLinkGod was in high school when he started his account! X Hall of Flames
