By collaborating with Memento Blockchain, Deutsche Bank aims to address the challenges associated with launching and accessing digital asset funds.
With Project DAMA (Digital Assets Management Access), Deutsche Bank (DBK) and Memento Blockchain have successfully demonstrated a more efficient, secure and flexible solution for digital fund management.
The project aims to address issues associated with launching and accessing digital funds, Deutsche said in a Tuesday report. According to the bank, this proof of concept was also awarded a Proof of Concept (POC) grant by the Monetary Authority of Singapore on 5 August 2022.
In its report, the German bank said that fees for the service were provided by Domani, a Memento blockchain product that issues DEXTF tokens with a market cap of $12 million.
According to Deutsche, launching or accessing cryptocurrency funds is not only time-consuming, but also costly and risky, so most asset managers and institutional investors would be discouraged from entering the market, outside of the most well-resourced players.
It will act as a one-stop digital fund investment servicing platform for asset managers, their existing transfer agents, fund administrators, and custodians, reducing the effort and costs associated with launching and administering digital funds, the bank said.
As part of Project DAMA, asset managers can plug in their existing transfer agents, fund administrators, and custodians to a one-stop digital fund investment service platform, reducing the amount of effort and cost involved in launching and administering digital funds.