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Coinbase to Bring TradFi Assets On-Chain
Coinbase’s asset management arm is launching Project Diamond, a platform that allows institutional investors to issue and trade digitally native debt instruments using Base, the exchange’s Ethereum scaling network.
The platform combines Coinbase Prime’s custody service, the exchange’s Web3 crypto wallet, Circle’s USDC stablecoin, and layer-2 network Base to create a capital marketplace.
The platform has received approval from the Financial Services Regulated Activity of Abu Dhabi Global Market and will enter the agency’s RegLab sandbox.
Coinbase has already issued and distributed its first debt instrument, a short-term discount note denominated in USDC stablecoin, on Base. The platform is available to registered institutional users outside the U.S.
(With inputs from Shikha Singh)
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