Deutsche Bank and Memento Blockchain completion A proof of concept for a tokenization platform called Project DAMA (Digital Asset Management Access) aims to simplify the launch and access of digital funds.
The project will first be tested in Singapore due to its crypto-friendly nature and its status as the world’s leading hub for funds and asset managers. Additionally, the bank said the country is taking a proactive approach to regulating new technology and financial services.
According to Deutsche Bank, the current process of launching digital funds requires a large number of intermediaries, from fund managers to payment providers. Similarly, an investor who wants to move from fiat to digital assets also needs multiple services his provider.
DAMA is a “one-stop digital fund investment service platform” built on Ethereum, enabling various stakeholders such as fund managers and custodians to launch and manage their digital funds in one place. can be used. Meanwhile, an investor can use the platform to access different funds through different fund managers in her one place.
The goal is to significantly reduce the effort involved in launching, managing and accessing digital funds.
Managers looking to launch a fund can define their investment strategy, select underlying assets and management fees, etc. through a one-window wizard on the platform.
Digital ID with Soulbound Token
Deutsche Bank and Memento have created various features as integral parts of the platform. One of them uses Soulbound Tokens (SBT) for KYC and identification purposes.
DAMA ties SBT to personal wallets. This will allow the platform to verify the individual’s identity and access a range of her DeFi investment opportunities without the need to submit personal information each time. SBTs can also be used to grant or restrict special access to various investment opportunities and to determine other metrics related to an investor’s portfolio.
SBT is based on ERC-721 and is further customized to be non-transferable in addition to its non-fungible characteristics.
The remittance agent (in this case the bank) is responsible for issuing the SBT and sending it to the investor’s wallet. Banks are also responsible for conducting all KYC checks to remain compliant with regulations and have the ability to recall SBTs if necessary.
MetaMask integration and on-ramp solution
DAMA integrates MetaMask and uses cryptocurrency wallets to connect centralized and decentralized custody wallets to dapps and other DeFi services.
MetaMask wallets holding SBT will have access to the platform and its various services.
The platform will primarily use MetaMask for managing digital assets as it allows users to have full control over their assets and maintain a unique record on each blockchain.
In addition, the platform partners with unnamed payment processors to convert fiat currency into digital assets and allows for easy onboarding via bank transfer.