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Coinbase Launches ‘Project Diamond’ to Facilitate Institutional Asset Digitization

Coinbase, through its asset management arm, is venturing into the integration of traditional financial assets on the blockchain with a new platform called ‘Project Diamond.’ This initiative allows institutional investors to issue and trade native digital debt instruments or obligations using Coinbase’s Layer 2 solution, ‘Base.’

The project has received preliminary approval from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) and will enter the agency’s regulatory sandbox. The platform has already issued and distributed its first obligation, a short-term discount note in the stablecoin USDC, on Base, showcasing its capabilities to regulators in Abu Dhabi. It is available to registered institutional users outside of the United States.

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Crypto: NEAR raises $350 million

The new funding will help NEAR accelerate its global mission to help "billions of people" use decentralized technologies, according to a company statement. Additional venture capital (VC) investments based on this protocol are expected to be announced in the coming weeks.