Deutsche Bank (DBK) and Memento Blockchain have completed tests of the technology concept Project DAMA (Digital Assets Management Access). This programme provided an efficient, stable and regulated solution for managing digital funds and servicing investments.
A representative of the German banking organisation said that, according to a Deutsche Bank report, on 5 August 2022, the concept project received a Proof of Concept (POC) grant from the Financial Sector Technology and Innovation Monetary Authority of Singapore (FSTI).The project is designed to solve problems associated with the development and transition to digital currencies.
Deutsche Bank said in its report that the value was included in the blockchain product Memento Domani, which is the issuer of DEXTF. This digital asset currently has a market capitalisation of $12 million. Bank officials have noticed that activating and accessing cryptocurrencies is not only time-consuming, but also expensive and dangerous. This factor has prevented many market participants, including most asset management companies and small institutional investors, from investing.
The DAMA project will act as a comprehensive platform for working with digital fund investments. Resource managers, their operators, supervisors as well as custodians will be able to contact them easily. This will generally reduce the organisational burdens and costs associated with money.
