Ethereum

Diamond

Coinbase and Coinbase Asset Management have jointly announced the launch of Project Diamond, an innovative smart contract-powered platform tailored for institutions to seamlessly create, buy, and sell digitally native assets. 
This platform, designed by experienced asset managers, aims to disrupt traditional capital markets by leveraging smart contract technology, poised to enter the Abu Dhabi Global Market (ADGM) RegLab sandbox. 
The platform, which integrates the Coinbase technology stack and Base, an Ethereum layer-2 blockchain, aims to bridge the gap in blockchain infrastructure adoption. 
Presently, less than 0.25% of global assets are represented on blockchain systems, indicating substantial untapped potential for efficiency gains. 
A significant event for Project Diamond was the execution of the first digital debt instrument on November 10, showcasing its capabilities. This digital debt instrument was successfully issued, distributed, and matured on the platform, demonstrating its feasibility to the Financial Services Regulatory Authority and positioning itself for entry into the ADGM RegLab sandbox. 
The transaction, conducted in USDC, demonstrated near-instant settlement speed within a single application on Base, emphasizing its potential for enhancing operational efficiency and simplifying financial processes. 
The move to bring traditional financial activity onto the blockchain through Project Diamond marks a crucial step towards unlocking institutional participation in the cryptoeconomy. 
According to the company, Coinbase Asset Management envisions a future where institutions can effortlessly create, distribute, and manage various digitally native assets directly onchain. 
In their pursuit of this transformative vision, Coinbase Asset Management is actively seeking partnerships with industry-leading entities to collectively shape the future of the global financial system. 
The aspiration is to revolutionize finance, scaling it akin to software and enabling seamless institutional adoption of next-generation financial technology. 
It is worth noting that the announcement coincides with the concerted efforts of Abu Dhabi and other UAE Emirates to cultivate a thriving local CeFi sector. 
On November 2, Abu Dhabi unveiled a regulatory framework for Distributed Ledger Technology (DLT). This framework outlines legal obligations for entities like decentralized autonomous organizations (DAOs), blockchain foundations, and traditional finance (TradFi) firms intending to operate in the region. 
Ahmed Jasim Al Zaabi, Chairman of ADGM, hailed the introduction of the DLT Foundations Regime as a groundbreaking stride. He emphasized ADGM’s dedication to the advancement of digital assets. 
Further reinforcing their commitment, Abu Dhabi launched an interactive online platform called the “Crypto Hub” on November 17. 
This initiative aligns with Binance securing regulatory approval to establish a local subsidiary, marking a simultaneous step in promoting local DLT enterprises and projects. 
The post <a rel="nofollow" href="https://www.unlock-bc.com/114215/coinbase-unveils-project-diamond-empowering-uae-with-cefi-smart-contracts-in-dlt-expansion/">Coinbase Unveils Project Diamond, Empowering UAE with CeFi Smart Contracts in DLT Expansion</a> appeared first on <a rel="nofollow" href="https://www.unlock-bc.com">UNLOCK Blockchain</a>.

Coinbase Unveils Project Diamond, Empowering UAE with CeFi Smart Contracts in DLT Expansion

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