Deutsche Bank has completed the testing phase of blockchain assetsDeutsche Bank (DBK) and Memento Blockchain have successfully completed testing the technological concept of Project DAMA (Digital Assets Management Access). This program envisaged an efficient, secure and flexible solution for digital fund management and investment servicing.
Deutsche Bank's report stated that the project addresses the challenges of launching and accessing digital funds. "This proof of concept was awarded a Financial Sector Technology and Innovation Monetary Authority of Singapore (FSTI) Proof of Concept (POC) grant dated August 5, 2022," said an unnamed German banking institution official.
Deutsche Bank said in the report that the fee was provided by the blockchain product Memento Domani, which is the issuer of the DEXTF token. The current market capitalization of this virtual asset was $12 million. Bank representatives noted that the process of launching and accessing cryptocurrency funds is not only time-consuming, but also expensive and risky. This factor discouraged many market participants, including most asset management companies and small institutional investors.
DAMA will act as a one-stop-shop for investments in digital funds. Asset managers and their agents, administrators, as well as custodians, will be able to connect to them seamlessly. This will significantly reduce organizational effort and monetary costs.
As of 4:25 p.m. Moscow time on February 21, 2023, the virtual currency bitcoin (BTC) was quoted at $24,649. The market capitalization of digital gold reached $475.67 million and trading volumes for the day reached $28.72 billion.
