Greengage & Co. Limited, a digital finance firm, has completed the first external debt instrument transaction on the Coinbase Diamond tokenization platform, operating under the regulatory oversight of the Abu Dhabi Global Market (ADGM).

Project Diamond Advances Blockchain Integration

The transaction represents a key development for Project Diamond, which seeks to integrate blockchain technology with asset management. Project Diamond leverages smart contracts to improve transparency and efficiency in financial systems.

"The successful completion of this transaction is a testament to Coinbase's mission of creating an open financial system,” Marcel Kasumovich, Deputy CIO at Coinbase Asset Management, commented.

“This collaboration with Greengage under the purview of ADGM allows us to innovate responsibly, ensuring that technological advancements align with regulatory compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term and investor protection."

Deal Executed Under ADGM Framework

According to Greengage's press release, the deal was executed under ADGM's regulatory framework, which balances innovation with strict standards. ADGM supports financial technologies aimed at sustainable and inclusive solutions.

"Our collaboration with Coinbase on this transaction exemplifies Greengage’s commitment to driving sustainability in the digital finance sector,” said Sean Kiernan, CEO at Greengage & Co.

“By combining innovative blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term solutions with a clear focus on SME lending, we are proud to contribute to a more transparent and efficient financial ecosystem."

Finance Magnates previously reported that Coinbase is partnering with Greengage, a London-based financial services provider for SMEs, to originate SME debt using the Coinbase Diamond protocol, aiming to offer more efficient and transparent access to capital through blockchain technology.

ADGM Grants License to Laser Digital and eToro

Meanwhile, Laser Digital, the digital asset division of global financial services group Nomura, has obtained a Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), as reported by Finance Magnates.

eToro, a retail and social trading platform, has also received approval from ADGM to operate as a broker dealing in securities, derivatives, and crypto assets in the UAE.