Coinbase, in collaboration with Coinbase Asset Management, announced the launch of Project Diamond, a smart contract-powered platform.
According to the official announcement, the platform is designed to enable institutions to seamlessly create, buy and sell digitally native assets.
According to Coinbase, currently less than 0.25% of total global assets are represented on blockchain infrastructure. This leaves ample room for efficiency gains. Project Diamond aims to fill this gap by facilitating corporate use of next-generation financial technology. The platform uses Coinbase technology infrastructure and Base, an Ethereum layer-2 blockchain, to create, buy and sell digitally native assets.
According to the official statement, on November 10, Project Diamond achieved a milestone with the successful issuance, distribution and maturity of the first digital debt instrument on the platform. In the trial, USDC-denominated digital forward notes were traded in a single application at Base with almost instantaneous payment speed.
Project Diamond has received in-principle approval from the Financial Services Regulated Activity (FSRA) of Abu Dhabi Global Market (ADGM) to carry out the regulated activity of Development of Financial Technology Services within the RegLab.
*This is not investment advice.
