Project DAMA (Digital Assets Management Access), a proof of concept that was successfully finished by Deutsche Bank (DBK) and Memento Blockchain, aims to offer a more effective, safe, and adaptable alternative for digital fund management and investment service. The effort, according to a paper released by Deutsche on Tuesday, attempts to overcome the difficulties involved in launching and using digital funds. The Monetary Authority of Singapore’s Financial Sector Technology and Innovation (FSTI) Proof of Concept (POC) grant was also given to this proof of concept, according to the bank.
The DEXTF tokens are issued by Domani, a Memento blockchain product, according to the German bank’s assessment, which stated that fees for the service were provided by Domani. As of Tuesday, the market value of these tokens was $12 million.
According to Deutsche, the current procedure for founding or accessing cryptocurrency funds was not only time-consuming but also expensive and risky, which would deter the majority of asset managers and institutional investors from entering the sector, aside from the most well-resourced participants.
As per the bank, Project DAMA would serve as a one-stop platform for digital fund investment servicing that asset managers and their current transfer agents, fund administrators, and custodians could simply plug in and use to drastically cut the time and expense needed to launch and manage digital funds.
The German banking giant. Claims that the project is set to serve as a one-stop platform for digital fund investment servicing where asset managers and their current transfer agents, fund administrators, and custodians could plug in and play to greatly reduce the time and expense needed to launch and administer digital funds.
Among institutional investors, Barclays, Citigroup, and Goldman Sachs are some of the most active backers of the crypto sectors and and various blockchain startups. Recently, JP Morgan unveiled a blockchain-based cross-border solution. The Liink network is available through JPMorgan’s Onyx blockchain and payments programme. It was primarily designed for international trade. Using a platform offered by Onyx, institutions can confirm transactions and exchange financial data.
The widely used Society for Worldwide Interbank Financial Telecommunications (SWIFT) messaging system is being replaced by a cooperation between Visa and JPMorgan and its suite of blockchain technologies.
At a gathering for the Institute for International Finance (IIF), Dimon acknowledged that certain “real” components of blockchain do exist while highlighting JPMorgan’s Onyx platform for wholesale payments. These investments fit within a larger pattern of significant finance.