coindesk.com
Deutsche Bank (DBK) and Memento Blockchain have successfully completed a proof of concept – known as Project DAMA (Digital Assets Management Access) – to provide a more efficient, secure, and flexible solution for digital fund management and investment servicing.
Deutsche said in a Tuesday report that the project aims to address the challenges associated with launching and accessing digital funds. "This proof of concept was also awarded the Monetary Authority of Singapore’s Financial Sector Technology and Innovation (FSTI) Proof of Concept (POC) grant on 5 August 2022," the bank said.
The german bank said in its report that fees on the service was provided by Domani, a Memento blockchain product, that issues the DEXT tokens. These tokens have a current market capitalization of $12 million as of Tuesday.
Deutsche said the currently established process of launching or accessing cryptocurrency funds was not only time-consuming, but costly and risky, which, outside of the most well-resourced players, would discourage most asset managers and institutional investors from entering the market.
Project DAMA would work as a one-stop digital fund investment servicing platform where asset managers and their existing transfer agents, fund administrators, and custodians can plug in and play to significantly reduce the effort and cost required to launch and administer digital funds, the bank said.