Deutsche Bank Introduces Blockchain Solution to Tackle Compliance Issues
Deutsche Bank is addressing compliance challenges in blockchain adoption with the launch of Project Dama 2, an innovative Layer-2 (L2) solution aimed at improving the regulatory framework for public blockchains like Ethereum.
This initiative is part of the broader Project Guardian, a collaboration with the Monetary Authority of Singapore (MAS) and other major financial institutions to explore tokenized assets through blockchain technology. Deutsche Bank’s contribution focuses on enhancing Ethereum’s efficiency, reducing transaction costs, and addressing regulatory concerns.
Project Dama 2 uses a dual-chain approach to separate compliance issues from public blockchain benefits, making blockchain more accessible to financial institutions. It incorporates ZKsync technology for faster and more secure transactions and introduces “super admin rights” for regulators to monitor fund movements, enhancing transparency and trust.
This solution aims to bridge the gap between decentralized technologies and regulated financial services.
READ MORE:
XRP Set for Explosive Rally with ETF Approval and Market MomentumDeutsche Bank’s initiative shows how public blockchains can be integrated into traditional finance while meeting compliance standards. By focusing on Ethereum, the bank is leveraging a widely used public blockchain to create an efficient, transparent system.
The project, developed with Memento Blockchain Pte. and Interop Labs, is set to introduce a minimum viable product (MVP) next year, potentially setting new standards for blockchain adoption in the financial sector.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Shiseido uses bacteria molecules for sustainable sun filters
Italy fines OpenAI $15 million for data protection and privacy violations
Should the AI Agents framework standard issue a token?
For Zerebro, this is an open-source approach to drive traffic and expand the ecosystem for monetization, with the possibility of issuing new framework tokens or authorized MEME tokens.