Deutsche Bank (DBK) in cooperation with Memento Blockchain successfully completed the proof-of-concept phase of Project DAMA, designed to create a DeFi platform for investing in tokenized securities.
The proof-of-concept of DBK and Memento’s joint Project DAMA (Digital Assets Management Access) was completed. According to the bank’s report, the developers created convenient tools for managing digital asset funds and implemented a direct gateway that allows users to transfer fiat funds into digital currencies.
Project DAMA will enable institutional investors to access these kinds of funds via direct tokenization and an exchange or embedded digital asset marketplace.
For proof-of-concept of DBK, a DeFi platform on Ethereum and a unique, non-transferable soulbound token (SBT) were created using Memento’s technologies. The token serves as a sort of user ID that allows access to the platform and investment opportunities without having to be re-verified. The SBT will also allow developers to restrict access to services or products that don’t meet an acceptable level of risk or user experience.
To transact on the platform, institutional investors will have to provide collateral and mint tokenized shares of the underlying digital fund. These shares could then be exchanged through an embedded digital asset marketplace, such as stablecoins.
The MetaMask crypto wallet was chosen to store tokens as part of Project DAMA, as the most reliable and easy way to transfer digital assets. Users will need to store the SBT in MetaMask by linking it to the platform.
The next phase of testing the platform is planned with the direct participation of investment fund managers from Singapore. As a reminder, over 90% of family offices and high-net-worth individuals (HNWIs) in Singapore have a keen interest in crypto investments. Also, the government of Singapore made great progress with Project Guardian, which aims to explore the use of DeFi technologies to trade tokenized government bonds and other securities.
