Coinbase has announced the adoption of Chainlink's Cross-Chain Interoperability Protocol (CCIP) for its Project Diamond, which is designed to create a digital asset platform specifically for global institutional users.

This initiative, tailored for registered institutional users outside the U.S., leverages Coinbase's technology stack, including Coinbase Prime custody and USDC.

Coinbase regards Chainlink's CCIP as the 'gold standard' for blockchain interoperability, which is crucial for enhancing its institutional offerings.

Marcel Kasumovich, Deputy Chief Investment Officer at Coinbase Asset Management, highlighted that this integration will foster compliance and promote institutional adoption of digital assets.

The integration aims to provide secure on-chain data access, including essential market prices and proof of reserves, which are vital for the expanding digital asset landscape.

Chainlink's integration offers secure and compliant solutions for tokenized asset services, addressing the needs of asset issuers and fund managers.

In line with its expansion strategy, Chainlink Labs has opened an office in Abu Dhabi to strengthen partnerships with financial institutions in the growing Middle East and North Africa (MENA) region.

Angie Walker, Chainlink Labs' global head of banking and capital markets, noted that the MENA region is becoming a global hub for innovation and blockchain adoption.

Hamad Sayah Al Mazrouei, CEO of ADGM Registration Authority, remarked on the rising demand for blockchain-based financial solutions in Abu Dhabi, further supporting the growth of technologies like the Chainlink Standard.

Peregrine, PSG Digital's regulated business in the Abu Dhabi Global Market (ADGM), will be a flagship user of Project Diamond, focusing on bringing institutional-grade assets to the platform.

Chainlink has facilitated over $17 trillion in transactions across the blockchain economy, serving major financial institutions and decentralized finance protocols.

The integration with Chainlink will enhance data provision and enable full lifecycle management for new tokenized assets on the Project Diamond platform.