Deutsche Bank is forging ahead with its blockchain strategy by developing DAMA 2, a Layer 2 network based on ZKsync technology in collaboration with Axellar (AXL) developer Interop Labs.
As reported by Bloomberg, this initiative aims to tackle compliance challenges in regulated finance by enhancing transaction efficiency and bolstering regulatory oversight on public blockchains.
Part of Project Guardian, an initiative led by the Monetary Authority of Singapore (MAS), DAMA 2 sees Deutsche Bank and Interop Labs teaming up to offer secure cross-chain interoperability solutions for financial institutions.
Utilizing Memento Blockchain’s ZKchain and Axelar’s cross-chain interoperability technology on the ZKsync stack, DAMA 2 simplifies multi-chain fund allocation and asset servicing for asset managers.
Axelar’s technology is instrumental in enabling decentralized and secure cross-chain operations, meeting the needs of traditional financial institutions like Deutsche Bank looking to embrace blockchain technology.
DAMA 2 serves as a bridge between traditional financial systems and blockchain, integrating off-chain assets into the on-chain ecosystem.
*Please note that this content does not constitute investment advice.
