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Coinbase and Greengage Power SMB Financing with Blockchain Technology
Cryptocurrency Exchange Monetary base has partnered with a UK-based merchant banking firm Plum Plum to generate SMB debt using the Coinbase Diamond protocol.
The collaboration between Coinbase and Greengage aims to use blockchain technology to provide SMBs with access to capital, promising a more efficient and transparent financing solution.
Increasing access to finance for SMEs
Speaking about this partnership, Greengage officials said they are excited to partner with Coinbase on this initiative. By originating SMB debt on the Coinbase Diamond protocol, they are not only enhancing their ability to support small and medium-sized businesses, but they are also paving the way for new financial innovations that will drive growth and sustainability in this critical sector.
The Coinbase Diamond Protocol improves the issuance and management of private capital. Using blockchain technology, the protocol issues native digital debt, making the process more secure and accessible to a wider range of investors.
Greengage is a digital finance platform that offers e-money account services for SMBs. The London-based company focuses on multi-currency accounts and credit solutions, which it described as aligned with Coinbase’s digital asset services. In addition to e-money account services, Greengage offers a B2B lending platform with digital money sources.
What is the Diamond Project?
In 2023, Coinbase launched Project Diamond, a smart contract-powered platform to enable institutions to create, buy, and sell digital native assets. The launch was marked by the completion of the first debt instrument on the platform as the project prepared to enter Abu Dhabi Global Market’s (ADGM) RegLab sandbox.
Project Diamond uses the Coinbase technology stack and Base, a layer-2 Ethereum blockchain, to support capital market activities. This platform aims to address the challenges of inefficient wealth management by providing institutions with the tools to utilize next-generation financial technology.
Additionally, Coinbase has recently improved its cryptocurrency transfer processes by supporting sending and receiving cryptocurrency via links shared on messaging and social media platforms. Links can be shared on WhatsApp, iMessage, Telegram, Facebook, Snapchat, TikTok, and Instagram, or even via email.