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Coinbase Leverages Base to Build Digital Asset Platform for TradFi Institutions

Coinbase, in collaboration with its asset management division, has launched Project Diamond, a smart contract platform designed to enable institutions to trade and create new digital assets.

Coinbase aims to empower institutions to manage digital assets “directly on-chain.” However, the platform is currently available only to institutions outside the United States.

The platform utilises Base (Coinbase’s Layer 2 blockchain) and Coinbase’s technology stack, which includes Coinbase Prime, Web3 wallets, and USDC. The platform itself is managed by Coinbase Asset Management.

After launching the Base network in February, Coinbase officially rolled out Base in August, although developers had access to it as early as July. The network quickly achieved success.

 

More on Coinbase: Layer 2 Network Base Now Live on Ethereum Mainnet

In November last year, “Project Diamond’s first digital debt instrument was successfully issued, distributed, and matured on the platform,” demonstrating its capabilities to the Abu Dhabi Global Market Financial Services Regulatory Authority and its potential inclusion in the RegLab sandbox.

“The USDC-denominated digital discount notes were traded on Base with near-instant settlement speeds in a single application.”

Project Diamond received “in-principle approval” from the ADGM FSRA, meaning it can test and develop fintech services within the sandbox.

Coinbase joins the ranks of banks and other institutions seeking to tokenize real-world assets. Earlier this month, Societe Generale, France’s third-largest bank, issued green Euro-denominated bonds on Ethereum.

The transaction, valued at €10 million (approximately $10.8 million), has a three-year term.

Societe Generale stated that its tokenized bonds would ensure “enhanced transparency and traceability, and improve the liquidity and speed of transactions and settlements.”

In the cryptocurrency space, the bank also issued a Euro-denominated stablecoin on Bitstamp, named EUR CoinVertible.

 

Sentiment: Positive

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