Chainlink Partners With Coinbase To Boost Tokenized Asset Ecosystem

Highlights,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.,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,,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 emphasized, “,The recent rumors of the possible collaboration of Chainlink with BlackRock have boosted LINK token price. As institutional investors start experimenting with the integration of blockchain with conventional finance, the prospects of growth have soared. This has boosted the LINK price as investors have increased their faith in the project’s future. It’s also noteworthy that the entity’s native token, LINK, traded at $22.35, up over 60% in the past month.,Thus, the cooperation with Coinbase further proves that Chainlink aims to become a crucial provider of services for the digital asset market. As more institutions adopt blockchain and more so in the MENA region, the Chainlink Cross-Chain Interoperability Protocol (CCIP) becomes more valuable.,