• Deutsche Bank Singapore and Memento Blockchain have successfully completed the proof-of-concept phase of Project DAMA (Digital Assets Management Access).
• The platform enables asset managers to create a digital asset fund with its own soulbound token and launch a direct fiat-to-digital on-ramp for users.
• Institutional investors can subscribe to funds using collateral, while MetaMask is being used to maintain security.
Deutsche Bank Completes Trial of Tokenized Investment Platform
Deutsche Bank Singapore and Memento Blockchain have recently achieved success in their proof-of-concept phase of Project DAMA (Digital Assets Management Access), an innovative digital asset management access system for transacting tokenized securities. Asset managers are able to create a digital asset fund with its own soulbound token, as well as launch a direct fiat-to-digital on ramp for users.
Institutional investors must hold both an SBT in their MetaMask wallet and KYC in order to access the platform’s decentralized applications. Afterwards, they can provide collateral in order to mint and receive tokenized shares of the underlying digital investment fund of choice. Tokenized shares can then be swapped via a built-in digital marketplace for digital assets, such as stablecoins. As for asset managers, they can create tokenized funds using one window on Ethereum testnets involving a variety of strategies, such as DeFi staking.
In order to ensure the safety of investments, Deutsche Bank and Memento Blockchain utilize MetaMask as the wallet of choice for facilitating transfers or digital assets. Additionally, a trust anchor keeps Know Your Customer (KYC) checks off chain by verifying the identity of wallet owners without requiring personal information each time. Furthermore, SBT tokens can limit user’s access to services or products that do not match their risk tolerance or experience level.
The main goals behind Project DAMA are to enable institutional investors easily invest in crypto funds while at the same time providing asset managers with an easy way to create funds utilizing various strategies on Ethereum testnets. The use of MetaMask helps ensure user security by keeping sensitive data off chain while also allowing easy transferability between wallets with just one click.
Project DAMA has been successful so far in achieving its goals by providing users with an easy way to invest in cryptocurrency funds without needing long KYC processes or worrying about user data privacy issues due to MetaMask security measures. It is likely that more projects like this will emerge in the near future given how popular investing in cryptocurrency funds has become recently among institutional investors.