Deutsche Bank Launches Project DAMA to Test Asset Management Services with Momento Blockchain
A collaboration between the German banking giant Deutsche Bank (DBK) and Memento Blockchain has led to the development of the Digital Assets Management Access (DAMA) Project. The initiative is to provide effective, secure, and flexible solutions for digital fund management platforms.
Providing Solutions With DAMA
According to a press release from DBK, the project is designed to address the challenges accompanying the launching and access to digital funds. DAMA is a proof-of-concept project awarded to the Monetary Authority of Singapore’s (MAS) Financial Sector Technology and Innovation Proof of Concept grant in August 2022, as stated by DBK.
The German banking giant noted in its report that service fees are to be provided by Domani, a product of the Momento Blockchain. It is worth noting that Domani is the issuer of the DEXTF tokens. According to Deutsche, the existing process of launching or accessing digital assets is not only time intensive but also expensive and risky.
As a result, this is often out of the reach of well-resourced players, discouraging other asset managers and institutional investors from exploring the market. Furthermore, Project DAMA is designed to function as a one-stop digital fund investment servicing firm where asset managers, transfer agents, and fund administrators process their transactions seamlessly.
The project is plug and play, requiring minimal effort, and is cost-effective to launch and use to administer digital funds, Deutsche added. This is one of many blockchain projects involving Deutsche Bank.
Reports indicate that on February 14, the bank and Credit Suisse dived deeper into the crypto waters by participating in a $65 million Series B funding. Furthermore, the funding round was for the Geneva-based Taurus Technology, which provides digital asset infrastructure solutions for European financial institutions.
Taurus announced that the company intends to use the funds to support its expansion by hiring new talents for the engineering unit and upscaling its risk security and compliance requirements along its various product lines.
Preparing To Dive Deep
According to reports citing sources familiar with the development, the CEO of DWS Group, the digital asset management arm of Deutsche Bank, Stefan Hoops, is seeking to purchase a minority stake in Deutsche Digital Assets. Hoops stated that he is bullish about the prospects in the digital asset ecosystem and that buying shares in the Deutsche Digital Asset will provide the crypto arm of the bank with the needed foothold it wants in the sector.
The CEO disclosed the bank’s plan for the crypto industry by providing hints on moves to acquire numerous blockchain-related platforms. DWS is attempting to enter into venture investments to revive its growth and regain its reputation following a series of probes by regulatory agencies in Germany and the United States.
Germany has one of the tax-friendly regimes for long-term crypto holders with a zero-income tax on digital asset sales.
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