The post Chainlink Partners With Coinbase To Boost Tokenized Asset Ecosystem appeared on BitcoinEthereumNews.com.

The Oracle network of Chainlink has recently been integrated into crypto exchange Coinbase’s Project Diamond, a digital asset trading platform for institutions. In a bid to boost optimism, the partnership aims to improve the management of tokenized assets and facilitate the exchange between public and private blockchains. Further, it will also ensure improved data communication between various blockchain networks. Chainlink and Coinbase Partner To Accelerate Institutional Adoption of Tokenized Assets In a recent press release, Coinbase has stated that it will incorporate Chainlink’s CCIP into its Project Diamond. The integration is targeting to improve the compatibility between different chains in regards to tokenized assets. With CCIP, Coinbase will be able to bridge assets between the public and the private blockchain. Hence, the partnership will make it possible for tokenized assets to be usable across many blockchain networks. Project Diamond, which operates under the regulatory framework of the Abu Dhabi Global Market (ADGM), is designed to serve institutional investors and asset managers. With this integration, institutions access secure and compliant solutions for their financial transactions.  Additionally, the oracle network’s robust data and interoperability infrastructure will address the rising demand for secure on-chain data. This includes market prices, reference data, and key compliance information such as anti-money laundering (AML) and know-your-customer (KYC) details. Deputy Chief Investment Officer at Coinbase Asset Management, Marcel Kasumovich, commented, “By integrating the Chainlink standard natively into the Project Diamond platform, powered by Coinbase’s tech stack on Base, we’re paving the way for widespread institutional adoption of digital assets.” Enhancing Cross-Chain Functionality The adoption of the oracle network CCIP in Project Diamond is a significant move to ensure that digital assets are not confined to a single blockchain. This protocol enables the transfer and communication of assets across different networks.  Johann Eid, Chief Business Officer at Chainlink Labs…

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Filed under: News - @ December 11, 2024 10:26 am