Coinbase unveils its diamond project for the institutional rich

Coinbase unveils its diamond project for the institutional rich

The group behind the crypto exchange Coinbase tries regularlyexpand its offering aimed at wealthy institutional investors (“zinzins”, as they are nicknamed in finance). This time, the cryptocurrency exchange platform reveals its “ Project Diamond »: financial ecosystem on a chain for institutions based smart contracts and blockchain Base.

Project “Diamond” intended for institutional clients of Coinbase

Today, December 12, 2023 Coinbase Asset Managementservice dedicated to institutional investors of the Coinbase group, announced on its blog the launch of its Project Diamond.

This is supposed to be a partially automated platform because it is based on smart contracts, aimed specifically at institutional investors. This environment was designed especially as part of a sandbox test” RegLab », established by the companyAbu Dhabi Global Market (ADGM) in the United Arab Emirates.

“Coinbase Asset Management is proud to launch Project Diamond, an institutional on-chain financial platform that is preparing to enter the RegLab sandbox Abu Dhabi Global Market. (…) »

The Diamond Project wants to offer benefits smart contracts with idiots

Coinbase began by observing that only “0.25% of total global assets » is currently represented on blockchain networks. It was in the face of a lack of infrastructure at the institutional level that Coinbase Asset Management wanted to establish its Project Diamond.

A platform designed by “ experienced asset managers », allows you to create/buy/sell digital assets using benefits transparency and some Speed blockchain technology.

Speaking of blockchain, Project Diamond is based on Coinbase’s so-called Base, which is a second layer solution (layer 2) ofEthereum (ETH). And we even learn that a first title digital debt was issued on November 10 as part of this “Diamond Project”. It was technical feasibility demonstration intended to attract the Financial Services Regulatory Authority (FSRA) ADGM.

Coinbase Asset Management and its Project Diamond want to enable geeks to manage “a wide range of digital assets” directly on the blockchain. With transactions almost instantaneousoperational efficiency smart contracts makes it possible to actually give sacredly reinforcement compared to traditional finance and its intermediaries. And the institutions are very difficultbecause they still have put $2 billion in net flows into bitcoin and cryptocurrencies in recent weeks.

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