- Deutsche Bank Singapore has partnered with Memento Blockchain and Interop Labs to develop a tokenized fund project in Singapore’s Project Guardian Sandbox.
- The collaboration produced an interim lite paper for the DAMA 2 (Digital Assets Management Access) initiative, focusing on making blockchain asset management more user-friendly.
- The project addresses privacy, transaction finality, blockchain fragmentation, and the complexities of crypto systems, such as gas fees.
- Cross-chain capabilities are achieved through partnership with Axelar, allowing connectivity between different blockchains, and privacy is enhanced using zero knowledge proof cryptography.
- The solution includes a Paymaster function for gas fees in fiat currency and an app store for asset managers, within an integrated dashboard for tokenized asset management.
Deutsche Bank Singapore has launched a new project focused on tokenized funds by working with Memento Blockchain and Interop Labs, which is known for developing the Axelar Network for blockchain interoperability. The work is taking place within the Project Guardian sandbox in Singapore to improve how digital assets are managed and accessed.
The project produced a lite paper that explains DAMA 2, their Digital Assets Management Access initiative. The main goal is to solve ongoing issues that stop investors and institutions from using blockchain for asset management. According to the partners, DAMA 2 aims to address privacy concerns, transaction finality, blockchain fragmentation, and the complicated nature of dealing with cryptocurrency transaction fees, often called gas fees.
The consortium states that DAMA 2 improves privacy by storing confidential data outside the blockchain. Memento Blockchain operates on the ZKsync Layer 2 network, a technology that verifies batches of transactions with zero knowledge proof cryptography. This process lets investors see only their own transactions, while regulators have full oversight but public blockchain users cannot access sensitive details.
For dealing with blockchain fragmentation, or the existence of many separate blockchain networks, Deutsche Bank relies on cross-chain solutions with Axelar. This approach is compared with other interoperability methods like ChainLink’s CCIP, Wormhole, and LayerZero, though the project’s analysis omits specific protocol names.
Another feature is the Paymaster function, which allows users to pay cryptocurrency network fees in regular fiat currencies like U.S. dollars. Asset managers can also use an app store model to choose and customize smart contract functions without having to create their own code. These functions are connected through a dashboard alongside Deutsche Bank Securities Services custodial offerings, aiming to create a more complete platform for tokenized assets management.
The DAMA 2 project follows similar moves in the industry, such as pilot programs by major asset managers like Schroders, Apollo, and Standard Chartered’s SC Ventures, as well as tokenized money market funds introduced by BlackRock and Franklin Templeton. These developments reflect the broader industry trend toward integrating blockchain into asset management.
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