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Chainlink Partners With Coinbase To Boost Tokenized Asset Ecosystem

Coinbase integrates Chainlink’s CCIP into its Project Diamond, aiming to enhance cross-chain interoperability & secure tokenized asset management.
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Chainlink Partners With Coinbase To Boost Tokenized Asset Ecosystem

Highlights

  • Chainlink integrates with Coinbase's Project Diamond to enable cross-chain interoperability for tokenized assets.
  • Project Diamond is regulated by the ADGM and aims for the institutional adoption of digital assets globally.
  • Chainlink's Cross-Chain Interoperability Protocol (CCIP) enhances connectivity between public and private blockchains.

The Oracle network of Chainlink has recently been integrated into crypto exchange Coinbase’s Project Diamond, a digital asset trading platform for institutions. In a bid to boost optimism, the partnership aims to improve the management of tokenized assets and facilitate the exchange between public and private blockchains. Further, it will also ensure improved data communication between various blockchain networks.

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Chainlink and Coinbase Partner To Accelerate Institutional Adoption of Tokenized Assets

In a recent press release, Coinbase has stated that it will incorporate Chainlink’s CCIP into its Project Diamond. The integration is targeting to improve the compatibility between different chains in regards to tokenized assets. With CCIP, Coinbase will be able to bridge assets between the public and the private blockchain. Hence, the partnership will make it possible for tokenized assets to be usable across many blockchain networks.

Project Diamond, which operates under the regulatory framework of the Abu Dhabi Global Market (ADGM), is designed to serve institutional investors and asset managers. With this integration, institutions access secure and compliant solutions for their financial transactions. 

Additionally, the oracle network’s robust data and interoperability infrastructure will address the rising demand for secure on-chain data. This includes market prices, reference data, and key compliance information such as anti-money laundering (AML) and know-your-customer (KYC) details.

Deputy Chief Investment Officer at Coinbase Asset Management, Marcel Kasumovich, commented,

“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.”

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Enhancing Cross-Chain Functionality

The adoption of the oracle network CCIP in Project Diamond is a significant move to ensure that digital assets are not confined to a single blockchain. This protocol enables the transfer and communication of assets across different networks. 

Johann Eid, Chief Business Officer at Chainlink Labs 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.”

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

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