- Blockchain oracle network Chainlink partners with Coinbase to enhance Project Diamond.
- The integration aims to provide verifiable data transmission and cross-chain interoperability for tokenized assets on the platform.
What happened: Chainlink-Coinbase integration for enhanced asset management
Blockchain oracle network Chainlink has announced its integration with Coinbase‘s Project Diamond, the digital asset platform designed for global institutions. This collaboration will enable the full lifecycle management of new tokenized assets on the platform and ensure verifiable data transmission and cross-chain interoperability。Project Diamond, regulated by the Financial Services Regulatory Authority of the Abu Dhabi Global Market (ADGM), will now leverage Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to connect public and private blockchains with existing financial systems, offering compliant solutions to users.
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Why it is important
This integration is significant as it represents a major step forward in the institutional adoption of digital assets. By integrating the Chainlink standard natively into Project Diamond, powered by Coinbase’s tech stack on Base, the collaboration paves the way for widespread institutional adoption of digital assets. This not only enhances the operational efficiency and security of digital asset management but also supports the growing ecosystem of tokenized assets, which is predicted to be worth $10 trillion by 2030. The integration also highlights the increasing collaboration between traditional financial institutions and blockchain technology, potentially leading to more innovative financial products and services in the market. This move aligns with the global trend towards digital asset adoption and underscores the role of blockchain technology in shaping the future of finance.
