Chainlink's recent price surge can be attributed to its integration into Coinbase's Project Diamond, a move aimed at accelerating institutional adoption of digital assets. Announced on December 10, 2024, this integration leverages Chainlink's Cross-Chain Interoperability Protocol (CCIP) to enhance Project Diamond's platform, which is designed to facilitate crypto adoption for global institutions. Marcel Kasumovich, deputy chief investment officer at Coinbase Asset Management, emphasized that this integration is paving the way for widespread institutional adoption of digital assets. This development is expected to significantly boost Chainlink's utility and appeal among institutional investors.
The collaboration between Chainlink and Coinbase is set to enhance the implementation of Project Diamond in the Abu Dhabi Global Market, with Peregrine, an ADGM-regulated venture of PSG Digital, serving as the platform’s flagship user. Johann Eid, chief business officer at Chainlink Labs, noted that the integration will enable banks and financial institutions to utilize verifiable data via Chainlink, enhancing their operations. This strategic partnership is likely to increase demand for Chainlink's technology, contributing to its price increase.
Chainlink's price has risen by 3.59% today, reaching a high of $23.008081.