CoinDesk reports:
Crypto exchange Coinbase is partnering with London-based SME financial services provider Greengage to initiate SME debt using the Coinbase Diamond protocol. This collaboration aims to leverage blockchain technology to offer funding channels for small and medium enterprises (SMEs), potentially providing more efficient and transparent financing solutions.
Regarding this new partnership, Greengage CEO Sean Kiernan commented, “We are excited to collaborate with Coinbase on this pioneering initiative. By issuing SME debt on the Coinbase Diamond protocol, we not only enhance our support for SMEs but also drive new financial innovations that foster growth and sustainability in this critical sector.”
The Coinbase Diamond protocol enhances the issuance and management of private capital. Utilizing blockchain technology, it facilitates the issuance of digital bonds, making the process more secure and accessible to a broader range of investors.
In a statement shared with Finance Magnates, the partnership aims to address critical needs within the SME sector, allowing businesses access to institutional-grade credit markets.
Greengage, headquartered in London, is a digital financial platform offering cryptocurrency accounts tailored for SMEs. The company focuses on multi-currency accounts and credit solutions, noting seamless integration with Coinbase’s digital asset services. Beyond cryptocurrency accounts, Greengage provides a B2B lending platform with digital funding sources.
Coinbase’s Project Diamond, launched last year, is a smart contract-driven platform enabling institutions to create and trade digital-native assets. As the platform prepares to enter the Abu Dhabi Global Market (ADGM) RegLab sandbox, its first debt instrument on the platform has been successfully launched.
Project Diamond utilizes Coinbase’s technology stack and the Ethereum Layer 2 blockchain Base to support capital market activities. The platform aims to equip institutions with next-generation financial technology tools to address inefficiencies in asset management.
Additionally, Coinbase has recently enhanced cryptocurrency transfers by supporting the sending and receiving of cryptocurrencies, leveraging cryptographic techniques. Cryptocurrencies, nearly synonymous with blockchain-based digital currencies, operate within decentralized networks independent of central authorities, theoretically immune to government interference.
Cryptocurrencies derive their name from the encryption techniques used to safeguard network security.
