Coinbase Uses Chainlink CCIP for Project Diamond, Targets Institutional Investors

Coinbase announced that it‘s adopting the Chainlink standard for Project Diamond, a digital asset platform for global institutions. The Project’s flagship user will be Peregrine, a PSG Digital subsidiary based in Abu Dhabi.

This news comes via a press release shared with BeInCrypto.

Coinbase Incorporates Chainlink CCIP

Coinbase, one of the world‘s leading exchanges, claimed that Chainlink CCIP was a gold standard for blockchain interoperability. The firm’s Project Diamond will compete in a vastly different market environment. In the statement, Coinbase was quite confident in its partner.

“Chainlink is infrastructure that enables asset issuers, banks, and financial institutions to create tokenized asset solutions that are compliant. By integrating the Chainlink standard, were paving the way for widespread institutional adoption of digital assets,” Marcel Kasumovich, Deputy Chief Investment Officer at Coinbase Asset Management told BeInCrypto.

Chainlink, a major crypto software company, has been cooperating with several major institutional clients recently. For example, it partnered to streamline Swift transactions in early November.

It also worked to launch an EU-compliant blockchain financial market infrastructure in December. It even worked on a cross-border trade platform with Brazils Central Bank.

In other words, the company seems to have the bandwidth to meet Project Diamonds requirements. Coinbase claimed that this platform will serve registered institutional clients outside the US and that native integration with Chainlink CCIP will facilitate security and compliance.

The press report claims that Peregrine, “flagship user” and PSG Digital‘s subsidiary in the Abu Dhabi Global Market (ADGM), “is excited to bring institutional-grade, real-world assets” to Project Diamond. Abu Dhabi has been growing as a crypto hub recently, as the ADGM approved Tether’s USDT as an Accepted Virtual Asset today.