CoinBase Asset Management, has launched Blockchain powered Project Diamond, with the execution of the first debt instrument on the platform as it prepares to enter the Abu Dhabi Global Market (“ADGM”) RegLab sandbox.

Project Diamond’s initial use cases will be for registered institutional users outside the U.S. only. Project Diamond harnesses the power of the Coinbase technology stack: Coinbase Prime custody, Web3 Wallet, the Project Diamond platform, and USDC, all connected to the Base layer-2 blockchain.

Project Diamond has received in-principle approval from the Financial Services Regulated Activity (FSRA) of Abu Dhabi Global Market (ADGM) to conduct the regulated activity of Developing Financial Technology Services within the RegLab.

The goal of Project Diamond is to enable institutional use of next generation financial technology. Project Diamond is a platform to create, buy, and sell digitally native assets leveraging the power of the Coinbase technology stack and Base, an Ethereum layer-2 blockchain.

On November 10, the first digital debt instrument on Project Diamond was successfully issued, distributed, and matured on the platform as a technical demonstration of feasibility to the Financial Services Regulatory Authority as it prepares to join the ADGM RegLab sandbox.

Coinbase Asset Management is building Project Diamond to enable a future where institutions can create, distribute and manage a wide range of digitally-native assets directly onchain. On our journey, we seek world class partners to join us in imagining and creating the future of the global financial system. Together, we will make finance scale like software.

In April 2023, CoinBase global crypto currency exchange,revealed that it was in talks with UAE’s regulator in Abu Dhabi, FSRA ( Financial Service Regulatory Authority)  part of ADGM (Abu Dhabi Global Market) to expand its regulated operations to the UAE.