Feb 22, 2023
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Deutsche Bank Works on Tokenized Trading Platform, Finishes Trial Phase

Written by pinmin


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 IndustryMemento
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 environment,”
Federico Cristina, the Director and Co-Founder of Memento Blockchain,
commented.Institutional
investors who want to invest in a fund must not only hold SBT but must at the
same time provide collateral to mint and receive tokenised shares in the
digital fund of their choice. The tokenised shares are exchangeable on a digital
asset market created explicitly for this purpose. Project
DAMA used MetaMask for asset security. The service has been built into the
platform in the form of a digital wallet, which the project’s partners chose to
facilitate the transfer of cryptocurrencies easier. Currently, Deutsche
Bank is exploring the broader use of DAMA in Singapore where there
are more than 1,100 registered fund managers, managing nearly $3.4
trillion in assets.Watch the recent FMLS22 panel titled: “Hodling on? Reimagining Crypto Market Structure.”Assets Tokenization Gains PopularityThe topic
of tokenising the assets of traditional markets and moving them to a
decentralized blockchain ecosystem is gaining popularity worldwide. Although the
first platforms of this kind are already thriving, their full potential and possibilities
remain untapped.Tokenisation
allows not only the ability to turn companies’ shares into digital tokens but is also a way to
transfer parts of the real world into the digital world. Art, real estate,
physical commodities and even intellectual property can be tokenised. The advantages of these solutions provide access to greater liquidity, higher transparency, reduced costs and a much broader base of potential investors.Finance
Magnates recently spoke
with Asif Kamal, the CEO of Artfi. Artfi was launched in 2022 to democratize and
fractionize the $1.7 trillion fine art and collectibles market. Artfi allows
investors to own a stake in some of the world’s most sought-after works of art.”The
theme of the next decade will be the tokenisation of physical assets. We feel
that we are positioning Artfi as a leader in this domain, particularly when it
comes to the tokenisation of fine art. Crypto and NFTs have taken a hit over
the past 12 months due to a complicated macro environment mired by high
inflation and monetary tightening,” Kamal commented.
This article was written by Damian Chmiel at www.financemagnates.com.

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