Crypto-exchange giant Coinbase Global Inc.’s COIN on Tuesday revealed Project Diamond, a smart contract-powered platform aimed at institutions to facilitate the buying and selling of digitally native assets. Project Diamond made its debut by carrying out its first transaction—the issuing, distribution, and maturity of a digital debt contract for the Financial Services Regulatory Authority.
The Nov. 10 founding transaction was part of Coinbase’s efforts to get into the Abu Dhabi Global Market (ADGM) ReglabSys, a regulatory framework designed specifically to facilitate financial service innovation. Combining Coinbase tech-stack and Base+Ethereum Layer-2 blockchain, the platform promises heightened operational efficiency by delivering near-instant settlement times and also simplifies financial processes. Focused on driving smarter financial practices, Project Diamond was able to showoff this benefit by settling on a digital discount note denominated in USD Coin quickly.
The blockchain largely represents 0.25% of global assets, suggesting a massive potential for boosting efficiency in the financial industry.
Project Diamond works to bridge this deficit and usher in institutional use of advanced financial technology by permitting direct involvement with digitally native finances. Increasing an institutional client’s choices, the platform provides a wide variety of digitally native choices that assists in done directly on Migration already.
