Deutsche Bank Partners with Interop Labs to Develop DAMA 2 Blockchain Network
Deutsche Bank is making significant strides in its blockchain strategy by collaborating with Interop Labs to develop DAMA 2, a Layer 2 network based on ZKsync technology. This initiative aims to address compliance challenges in regulated finance and enhance transaction efficiency while ensuring regulatory oversight over public blockchains.
Project Guardian: A Blockchain-Focused Initiative
Reported by Bloomberg, DAMA 2 is part of Project Guardian, an initiative led by the Monetary Authority of Singapore (MAS) to promote blockchain adoption in the financial sector. Deutsche Bank and Interop Labs, the developers of the Axelar Network, have joined forces to provide secure cross-chain interoperability solutions for financial institutions.
Technology Behind DAMA 2
DAMA 2 leverages ZKchain from Memento Blockchain and Axelar’s cross-chain interoperability solutions built on the ZKsync technology stack. This network aims to simplify fund allocation and asset servicing for asset managers operating across multiple blockchains.
Axelar’s technology plays a crucial role in enabling decentralized and secure cross-chain operations, a key requirement for traditional financial institutions like Deutsche Bank looking to embrace blockchain technology.
Bridging Traditional Finance and Blockchain
DAMA 2 is designed to bridge the gap between traditional financial systems and blockchain technology by integrating off-chain assets with the on-chain ecosystem. This integration will enable seamless interaction between traditional financial instruments and blockchain-based solutions.
As with any blockchain project, it is important to note that this information is not investment advice and individuals should conduct their own research before making any financial decisions.