Cryptocurrency exchange Coinbase is partnering with Greengage, a London-based financial services provider for small and medium enterprises (SMEs), to originate SME debt using the Coinbase Diamond protocol. This collaboration seeks to utilize blockchain technology to provide SMEs with access to capital, promising a more efficient and transparent financing solution.

Targeting SME Financing

Speaking about this new deal, Sean Kiernan, the CEO of Greengage, mentioned: "We are thrilled to partner with Coinbase on this groundbreaking initiative. By originating SME debt on the Coinbase Diamond protocol, we are not only enhancing our 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 Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term technology, the protocol issues native digital debt, making the process more secure and accessible to a broader range of investors.

In a statement shared with Finance Magnates, the partnership aims to fulfill a crucial need in the SME sector, allowing businesses to access institutional-grade credit markets.

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 termed as perfectly 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.

Aligning with Coinbase's Digital Asset Services

Last year, Coinbase unveiled 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 utilizes 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 utilize next-generation financial technology.

Additionally, Coinbase recently enhanced crypto transfer processes by supporting the sending and receiving of cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term 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.