Coinbase unveils 'Project Diamond' to revolutionise institutional asset issuance

Coinbase has launched Project Diamond, aimed at enabling institutions to issue native digital assets using blockchain technology.

The project integrates various Coinbase technologies, including its Ethereum layer 2 rollup Base, USDC stablecoin, Coinbase Prime custody services, and Coinbase Web3 wallet.

Project Diamond has received in-principle approval from Abu Dhabi's Financial Services Regulatory Authority for developing financial technology services.

CEO Brian Armstrong highlighted the potential for tokenising real-world assets, with only 0.25% currently represented on-chain.