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Ethereum is experiencing a significant outflow, with 7.8 million ETH withdrawn from Binance as part of a larger 20.8 million ETH exodus from exchanges, indicating potential long-term accumulation by holders. Currently trading at $3,858, ETH shows weaker performance compared to Bitcoin, with technical indicators suggesting a possible drop to support levels around $3,400. Meanwhile, Deutsche Bank is entering the Ethereum ecosystem with plans for a ZKsync layer-2 solution, highlighting the growing intersection of traditional finance and cryptocurrency.
Deutsche Bank is developing a compliance-driven layer-2 blockchain solution on Ethereum using ZKsync technology, aimed at addressing regulatory challenges in financial systems. Part of Project Dama 2, it will enhance transaction efficiency while ensuring oversight for regulators. A minimum viable product is expected by 2025, pending regulatory approval.
Deutsche Bank is launching Project Dama 2, a layer two (L2) pilot program utilizing ZKsync technology to navigate regulatory challenges in blockchain. This initiative, part of Singapore’s Project Guardian, focuses on asset tokenization while ensuring compliance and oversight for financial institutions. The bank plans to introduce a basic version next year, aiming to enhance transaction efficiency without relying solely on the Ethereum Layer 1 for detailed records.
Deutsche Bank is set to build a layer-2 blockchain on Ethereum, utilizing ZKsync to navigate regulatory challenges in finance. This initiative, part of Project Dama 2, aims to enhance transaction efficiency, security, and compliance, potentially encouraging greater institutional engagement with decentralized networks. The bank plans to launch the platform in 2024.
Germany’s Deutsche Bank is launching Project Dama 2, a Layer 2 protocol aimed at enhancing blockchain efficiency while ensuring compliance with regulatory standards. This initiative, part of the Monetary Authority of Singapore’s Project Guardian, utilizes ZKsync technology to reduce transaction costs and mitigate risks associated with public blockchains by implementing a curated validator list and providing regulators with oversight tools. A minimum viable product is expected in 2025, pending regulatory approval, potentially setting a precedent for integrating blockchain in traditional finance.
Deutsche Bank is set to launch an Ethereum layer-2 solution, named Project Dama 2, aimed at enhancing transaction efficiency while ensuring compliance for financial institutions. This initiative will utilize ZKsync technology and allow banks to curate validators, addressing regulatory concerns while providing oversight capabilities for regulators.The project is part of Singapore's Monetary Authority's Project Guardian, involving 24 financial institutions exploring blockchain asset tokenization. However, the design raises decentralization concerns among blockchain advocates due to the control given to regulators over transaction validation.
Deutsche Bank is developing an Ethereum layer 2 solution using ZKsync technology to enhance transaction efficiency and address regulatory challenges for financial institutions on public blockchains. This initiative, part of Project Dama 2 and linked to Singapore’s Project Guardian, aims to create a secure environment for banks by allowing them to customize validators and provide regulators with oversight capabilities. A minimum viable product is expected next year, pending regulatory approval.
UBS aims to double its growth in the Middle East, focusing on economic fundamentals rather than optimistic scenarios, according to CEO Sergio Ermotti. The bank is integrating its operations post-Credit Suisse merger and anticipates significant growth driven by wealth creation and an influx of affluent individuals to the region. With a strong presence in Dubai and Abu Dhabi, UBS is poised to leverage opportunities in the evolving financial landscape of the Gulf.
UBS's CEO, Sergio Ermotti, emphasizes the bank's commitment to growth in the Middle East, driven by strong economic fundamentals rather than optimistic projections. Following its merger with Credit Suisse, UBS aims to double its growth trajectory in the region, capitalizing on the influx of wealthy individuals and ongoing economic diversification efforts in Gulf countries. The bank is focused on optimizing its operations and expanding its wealth management services, particularly in Saudi Arabia and the UAE, while integrating Credit Suisse's client base.
Raoul Zehnder, a senior private banker at Deutsche Bank, has departed from his position. His exit marks a significant change within the bank's private banking division, reflecting ongoing shifts in the financial services landscape.
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