Coinbase has announced the launch of Project Diamond, a smart contract-powered platform. The launch is in association with Coinbase Asset Management to enable users to buy, sell, and create native assets digitally. The concept is based on the fact that the mechanism has only covered 0.25% of assets worldwide. Thereby, a massive gap is left to be filled by a leading player.
The fact that Coinbase Technology Stack and Base, the latter of which represents an Ethereum L2 blockchain, are backing Project Diamond makes it worthwhile to enter the market. Efforts are majorly diverted to the launch of Project Diamond, targeting the next generation of financial technology, and people will leverage its capabilities.
There is a massive gain to be captured, and, for now, Coinbase intends to register that share in the market.
It has been termed preparation to enter the ADGM RegLab sandbox, with ADGM being an acronym for Abu Dhabi Global Market. The Financial Services Regulated Authority of ADGM has currently approved the project. The approval gives a green light for conducting the regulated activity of Developing Financial Technology Services within the predefined ecosystem of RegLab.
A historical moment has passed, with November 10, 2023, a turning point in the development. That is when Project Diamond first hosted a digital debt instrument. The instrument’s issuance, distribution, and maturity on the platform marked the turning point. It demonstrated the feasibility to FSRA, who are now preparing to join the ADGM RegLab Sandbox.
Base is likely to keep up the momentum of its upgrade, which was made evident at a time when it processed the digital discount note at near-instant settlement speed within a single application.
Coinbase Asset Management brings to the table the leading expertise in delivering investment strategies across different classes of assets—traditional and digital. Coinbase Asset Management has developed solutions to lower barriers and increase institutional engagement in the area of digital assets subject to fiduciary standards.
Coinbase, at a macro level, brings with it the experience of serving more than 56 million users all over the world. The platform was last seen holding $20+ billion in customer assets plus more than $50 billion in cryptocurrency. Our reviews on Coinbase shed more light on this aspect while also underscoring key features of the company.
Meanwhile, Coinbase has shared the news about voters in New Hampshire opting to support cryptocurrency. Needless to say, it directly affects platforms like Coinbase, which are constantly driven by the desire to elevate crypto products via blockchain solutions. Coinbase has highlighted that approximately 15% of the adults in the region hold digital tokens, with most of them being in the age group of 18–34.
Coinbase and Coinbase Asset Management announce that Project Diamond aligns with the global mission of boosting the crypto ecosystem. The solution will yield results in the following days.