Deutsche Bank unveils Project DAMA 2 at Fintech event
Deutsche Bank, in partnership with Memento Blockchain, Interop Labs, and Axelar, presented updates on Project DAMA 2 at the Singapore FinTech Festival 2024.
This initiative, part of the Monetary Authority of Singapore’s Project Guardian, explores blockchain's role in financial services, focusing on tokenized assets and multichain interoperability.
The announcement was shared via Axelar's X account.
Memento Blockchain introduced its core blockchain, ZKchain, which integrates with Axelar for enhanced security and scalability using zero-knowledge technology.
The blockchain incorporates KYC, AML, and sanctions checks through a soulbound token-based digital identity system, ensuring compliance without disclosing user identities.
Paymaster functionality is also included to manage gas fees through conventional payment methods.
The proprietary block explorer supports legal requirements while maintaining user anonymity.
Axelar facilitates Memento ZKchain’s cross-chain connections, linking it to Avalanche Fuji and Stellar, and enabling interaction with over 69 other blockchains.
This setup promotes secure, scalable financial applications across both EVM and non-EVM chains, enhancing the ability to transfer digital assets seamlessly between networks.
The testnet aims to address practical fund management scenarios, supporting the creation and distribution of tokenized funds.
Real-time transaction finality is a key feature, potentially improving asset protection and operational efficiency.
The project team is now preparing for a transition to the mainnet and seeking feedback from the financial industry to refine their solutions further.
A comprehensive white paper is expected to be published by 2025, detailing the progress and future goals of Project DAMA 2.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Non-USD stablecoins may boost global e-commerce adoption
Stablecoin trading hits $1.8T in November
Vancouver mayor proposes adding Bitcoin to city reserves
Ex-Fortnite player linked to $3.5M memecoin scams