Today, Coinbase and Chainlink announced that Project Diamond, Coinbase’s compliant institutional-grade digital assets platform, is adopting the Chainlink standard to support the full life cycle of tokenized assets.
As the standard for onchain finance, Chainlink has enabled over $17 trillion in transaction value. Its comprehensive web3 services power a broad spectrum of tokenized real-world assets and stablecoins issued by leading DeFi protocols such as Aave, GMX, and Lido, as well as some of the world’s largest financial institutions such as Swift, Fidelity International, and ANZ.
Project Diamond is powered by Coinbase’s tech stack on Base, a fast, scalable layer-2 that natively integrated Chainlink’s full stack. Project Diamond will leverage Chainlink’s essential infrastructure to provide asset issuers and fund managers with a secure and compliant platform to rapidly scale tokenized asset adoption throughout the multi-chain ecosystem.
Chainlink’s Cross-Chain Interoperability Protocol (CCIP) will enable assets created on Base to move between public and private blockchains with the highest level of cross-chain security. Chainlink Functions, a self-serve web3 development platform that seamlessly delivers web2 data onchain, will continuously enrich assets with high-quality, real-world data, no matter which chain they’re on.
In an official announcement, Coinbase Asset Management’s Deputy Chief Investment Officer, Marcel Kasumovich, highlighted the significant role Chainlink plays in accelerating Project Diamond’s path toward widespread institutional digital asset adoption.
“Chainlink is essential infrastructure that enables asset issuers, banks, and financial institutions to create tokenized asset solutions that are compliant, secured by verifiable data, and interoperable across any public or private blockchain,” he said.
“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,” added Chainlink Labs’ Chief Business Officer, Johann Eid.
The integration will also enhance the existing Coinbase Project Diamond implementation for the Abu Dhabi Global Market regulatory sandbox, ADGM RegLab. Peregrine, an ADGM-regulated business owned and operated by digital asset investment firm, PSG Digital, is Project Diamond’s flagship user.
Dennis O’Connell, Chief Technology Officer at Peregrine Digital, highlighted the advantages of bringing institutional-grade real-world assets to Project Diamond’s Chainlink-powered platform.
“As the standard for onchain finance, Chainlink unifies liquidity, enhances composability, and provides greater transparency around the collateral underlying tokenized assets, creating a more attractive debt product for institutional investors by delivering substantial savings in both time and cost for all participants,” he said.