The
Singaporean branch of Deutsche Bank has announced the successful finish of Project
DAMA’s (Digital Assets Management Access) proof-of-concept phase. DAMA was
designed in cooperation with Memento Blockchain and has studied the possibilities of
investing in tokenised securities via digital funds.
Deutsche Bank’s DAMA to
Change Fund Management Industry
Memento
Blockchain and Deutsche Bank have initially created a decentralized finance (DeFi) platform based on the Ethereum (ETH) blockchain and a non-transferable
soulbound token (SBT). Using their proprietary token, developers verified the
identity of wallet holders and assigned them access to investment services
without the need for additional background checks.
Meanwhile,
a trust anchor is responsible for controlling the identity of users and storing
off-chain records. Additionally, SBT can restrict access to products and services that
do not match a potential investor’s experience or risk tolerance level.
“The POC
Project DAMA aims to test and demonstrate the technical and commercial
feasibility of some of these key innovative features, which can, in turn, lower
the barrier of entry for asset managers looking to launch a digital fund. The
infrastructure is designed to be a one-stop investment servicing platform that
combines and adapts the core components of transfer agency, fund
administration, custody and payments for the digital fund…
