Coinbase announces project “Diamond” ahead of entry in Abu Dhabi 

Coinbase successfully launched its smartcontract powered platform “Diamond” which will allow institutional investors to trade assets on the blockchain powered technology.

Coinbase is a US based Nasdaq listed crypto exchange which is mainly known for its highly regulated crypto trading services. The services of this crypto company are available in multiple countries, where crypto trading is legal. 

On 12 Dec 2023, Coinbase announced through a blog post that it successfully launched Project Diamond. 

Diamond platform was developed with the help of Coinbase’s technology, smart contracts, and Coinbase’s Base blockchain (Layer-2 scaling network). 

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Diamond will allow the creation, buying, and selling of native assets for institutional managers & investors. The transaction completion time will be nearly instant. 

According to Coinbase, Diamond will play a vital role in bringing traditionally available global assets to the blockchain network, as so far only 0.25% of global assets are available on the blockchain-powered platforms.

The successful testing of this platform already tested in Nov of this year and all the preparation has been done, as Coinbase is ready to enter the Abu Dhabi Global Market (“ADGM”) RegLab sandbox. 

Coinbase Asset Management is proud to launch Project Diamond, an institutional onchain finance platform, in preparation to enter the Abu Dhabi Global Market RegLab sandbox.

Read more at our blog post below https://t.co/D7Mr5WiphQ

— Coinbase Institutional (@CoinbaseInsto) December 12, 2023

This year, the hostile regulatory environment forced this crypto exchange to expand its services in the non-US jurisdiction to maintain its business on a big scale and to survive under critical situations easily. 

At present, Coinbase is in a big legal conflict with the United States Securities and Exchange Commission (SEC). In June of this year, the SEC body sued Coinbase exchange over providing unregistered securities offerings & running an unregistered national securities exchange. 

Today we charged Coinbase, Inc. with operating its crypto asset trading platform as an unregistered national securities exchange, broker, and clearing agency and for failing to register the offer and sale of its crypto asset staking-as-a-service program.https://t.co/XPG2gDkxtV pic.twitter.com/hCdVMw8B2v

— U.S. Securities and Exchange Commission (@SECGov) June 6, 2023

Coinbase representative lawyers are doing their best to fight against the SEC’s allegations and making sure that the exchange never listed those crypto assets which were unregistered security. Some state Securities regulatory bodies also joined the SEC body to strongly impose action against Coinbase. 

Read also: KuCoin settles for $22M fine & decides to shut down services for New York customers

Coinbase announces project “Diamond” ahead of entry in Abu Dhabi 

 

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