Coinbase’s Project Diamond integrates Chainlink

Coinbase has announced the integration of Chainlink’s cross-chain interoperability technology into its Project Diamond platform to accelerate institutional adoption of digital assets.

Project Diamond is Coinbase’s compliant digital asset platform designed to facilitate crypto adoption for global institutions. According to the Dec. 10 announcement, Coinbase will leverage Chainlink (LINK)’s Cross-Chain Interoperability Protocol to power Project Diamond’s platform.

CCIP enables interoperability between public and private blockchains, providing secure access to data and cross-chain connectivity, according to the press release.

“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.

Johann Eid, chief business officer at Chainlink Labs, highlighted that the integration will enable banks and financial institutions to utilize verifiable data via Chainlink, enhancing their operations.

Asset issuers and fund managers will leverage the integration for a compliant solution that allows them to scale tokenized assets. This collaboration is set to enhance the implementation of Project Diamond in the Abu Dhabi Global Market.

Peregrine, an ADGM-regulated venture of PSG Digital, will serve as the platform’s flagship user, Coinbase revealed.

Project Diamond leverages Coinbase’s technology stack, including custody, on-chain wallets, and USDC on the layer-2 blockchain Base. The platform is regulated by Abu Dhabi’s Financial Services Regulatory Authority, ensuring compliance with international standards.