- Coinbase integrates Chainlink’s CCIP into Project Diamond to improve blockchain interoperability and enhance digital asset adoption.
- Project Diamond, launched in December 2023, provides compliant digital asset solutions for global institutions under ADGM.
- According to Chainlink Labs, the tokenized asset market is projected to reach $10 trillion by 2030.
Coinbase has announced the integration of Chainlink’s Cross-Chain Interoperability Protocol (CCIP) into its Project Diamond platform, a move aimed at enhancing institutional adoption of digital assets. As per a Dec. 10 release, the collaboration will enable seamless connectivity between public and private blockchains, ensuring secure access to data and cross-chain interoperability.
“By integrating the Chainlink standard natively into the Project Diamond platform, powered by Coinbase’s tech stack on Base, we’re paving the way for widespread institutional adoption of digital assets,” said Marcel Kasumovich, deputy chief investment officer at Coinbase Asset Management.
Project Diamond, launched in December 2023, is designed to provide compliant digital asset solutions for global institutions. It operates within the Abu Dhabi Global Market (ADGM) regulatory framework, specifically under the ADGM RegLab sandbox. The platform enhances financial services with secure, compliant solutions for institutional investors, excluding U.S. users.
Coinbase Integrates Chainlink CCIP
Coinbase has announced plans to integrate Chainlink’s CCIP into Project Diamond, aiming to enhance cross-chain compatibility for tokenized assets. The integration enables seamless bridging of assets between public and private blockchains and facilitates secure data sharing and token transfers between public and private blockchains.
Chainlink Labs, the primary developer behind the Chainlink ecosystem, has announced its establishment of a new entity in Abu Dhabi under the ADGM Registration Authority. Johann Eid, Chainlink Labs’ Chief Business Officer, highlighted the impact of their integration efforts, which enable banks and financial institutions to access verifiable data through Chainlink.
Angie Walker, Senior Executive Officer at Chainlink Labs Abu Dhabi and Global Head of Banking and Capital Markets, highlighted the MENA region’s importance as a global hub for innovation and on-chain finance adoption. The strategic expansion reflects Chainlink’s ambitions with the tokenized asset market expected to hit $10 trillion by 2030.
Project Diamond’s Institutional Focus
With the integration of Chainlink CCIP, Project Diamond offers institutions-compliant solutions for tokenized asset management. The platform connects public and private blockchains, ensuring secure and seamless financial operations. The collaboration is poised to transform how financial institutions and asset managers interact with blockchain technology, unlocking new opportunities for scalability and innovation.
Integrating the CCIP oracle network in Project Diamond marks a key step toward breaking the barriers of blockchain confinement for digital assets. The protocol enables seamless asset transfer and communication across multiple networks. Johann Eid emphasized:
“Coinbase’s adoption of the Chainlink standard for the Project Diamond platform underscores the critical importance of solving the end-to-end lifecycle management of tokenized assets.”
Read Also: Coinbase Ends USDC Rewards in Europe Amid MiCA Regulation
