Deutsche Bank is advancing its blockchain strategy by developing a Layer 2 network called DAMA 2 based on ZKsync technology with the assistance of Axellar (AXL) developer Interop Labs.
As reported by Bloomberg, the initiative aims to tackle compliance challenges in regulated finance by enhancing transaction efficiency and bolstering regulatory oversight on public blockchains.
This project is a part of Project Guardian, a blockchain-focused initiative led by the Monetary Authority of Singapore (MAS). Deutsche Bank and Interop Labs, the original developer of the Axelar Network, are working together on this initiative to offer secure cross-chain interoperability for financial institutions.
DAMA 2 utilizes Memento Blockchain’s ZKchain and Axelar’s cross-chain interoperability solutions built on the ZKsync technology stack. The network seeks to simplify the complexities associated with multi-chain fund allocation and asset servicing for asset managers.
Axelar’s technology plays a critical role in enabling decentralized and secure cross-chain operations, which is essential for traditional financial institutions like Deutsche Bank to effectively embrace blockchain technology.
DAMA 2 is designed to bridge the gap between traditional financial systems and blockchain technology by integrating off-chain assets with the on-chain ecosystem.
*This translation is not investment advice.
