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Deutsche Bank is developing a layer-2 blockchain solution for Ethereum to tackle regulatory challenges faced by financial institutions using public blockchains. This initiative, part of Project Dama 2 under Singapore's MAS Project Guardian, aims to mitigate risks such as transaction validation and fees to sanctioned entities. The bank plans to launch a minimum viable product next year, allowing for a curated list of validators and enhanced regulatory oversight.
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.
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.
Boon-hiong Chan
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Deutsche Bank develops layer two blockchain to tackle regulatory challenges in finance
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Deutsche Bank to Launch Ethereum Layer-2 for Enhanced Compliance in Finance
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Boon-hiong Chan
15:41 18.12.2024
Deutsche Bank develops Ethereum layer 2 solution to enhance financial transactions
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