Coinbase and its asset management arm teamed up to launch Project Diamond, a smart contract platform that allows institutions to trade and create new digital assets.

The goal is to allow institutions to manage digital assets “directly on-chain,” Coinbase said. However, only institutions outside of the US will be able to use it.

The platform uses both Base — Coinbase’s layer-2 blockchain — and Coinbase’s technology stack, which includes Coinbase Prime, Web3 Wallet and USDC. The platform itself is managed by Coinbase Asset Management. 

Coinbase officially launched Base in August after unveiling the network back in February. Developers, however, were able to access Base back…

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