Coinbase establishes Abu Dhabi tokenization hub

Coinbase, the U.S.’s largest crypto exchange, will be based out of Abu Dhabi Global Marketplace (ADGM), from where it has been granted a license to arrange deals in investments and securely hold digital assets to facilitate the launch of tokenized securities. These will be backed by real shares and issued under ADGM’s regulatory framework. Investors will also be able to hold the assets in digital wallets, eliminating the need for a brokerage account or a correspondent banking relationship. “This is the most significant step we have taken yet toward building the infrastructure for a more open, more accessible global financial system,” the crypto exchange said in a statement announcing the decision last week. Abu Dhabi is keen to become a major player in that shift. In 2018, ADGM issued one