The collaboration between Coinbase and Greengage seeks to utilise blockchain tech to provide SMEs with access to capital, promising a more efficient and transparent financing solution.
Speaking on this partnership, officials from Greengage said they are happy to partner with Coinbase on this initiative. By originating SME debt on the Coinbase Diamond protocol, they are not only enhancing their ability to support small and medium enterprises, but also pioneering new financial innovations that will drive growth and sustainability in this critical sector.
The Coinbase Diamond protocol enhances 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 broader range of investors.
Greengage is a digital finance platform offering e-money account services for SMEs. The London-based company focuses on multi-currency accounts and credit solutions, which it described as aligning with Coinbase's digital asset services. In addition to e-money account services, Greengage offers a B2B lending platform with digital sources of money.
In 2023, Coinbase launched Project Diamond, a platform powered by smart contracts to enable institutions to create, buy, and sell digitally native assets. The launch was marked by the completion of the first debt instrument on the platform as the project prepared to enter the Abu Dhabi Global Market (ADGM) RegLab sandbox.
Project Diamond utilises the Coinbase technology stack and Base, an Ethereum layer-2 blockchain, to support capital market activities. This platform aims to address the challenges of asset management inefficiency by providing institutions with the tools to utilise next-generation financial technology.
Additionally, Coinbase recently enhanced crypto transfer processes by supporting the sending and receiving of cryptocurrencies through links shared on messaging and social media platforms. The links can be shared on WhatsApp, iMessage, Telegram, Facebook, Snapchat, TikTok, and Instagram, or even via email.
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