Memento Blockchain and Axelar Network Provide Key Components in Tokenized-Assets Pilot Led by Deutsche Bank

Update reveals key components provided by Memento Blockchain and Axelar in tokenized-assets pilot led by Deutsche Bank.

Singapore, Singapore, November 6th, 2024, Chainwire

Singapore FinTech Festival 2024: Memento and Axelar Provide Key Components for Deutsche Bank’s Multi-Chain Asset Servicing Pilot

The initiative contributes to the Monetary Authority of Singapore’s (MAS) Project Guardian

SINGAPORE, November 6, 2024 /PRNewswire/ — Memento Blockchain and Interop Labs, through their respective technologies, Memento ZKchain and Axelar, have provided key technical prowess in developing a minimal viable product for Deutsche Bank-led Project DAMA 2, a multi-chain asset servicing pilot initiative as part of the bank’s contribution to the Monetary Authority of Singapore’s (MAS) Project Guardian. This collaboration focuses on the advancement of operating models designed to complement the progress in digital asset management, fund distribution, and servicing through the use of leading blockchain technologies, including ZKsync Stack and the Axelar network.

The project aims to demonstrate the efficiency, flexibility, and scalability of blockchain technology in servicing funds across multiple chains, both EVM and non-EVM. It also highlights the potential for interoperability between different blockchain protocols and the integration of digital assets and digital cash movements. Ultimately, the initiative showcases the viability of blockchain technology in transforming fund management and its servicing.

Deutsche Bank, together with partners Memento Blockchain and Interop Labs, are working toward a testnet launch in 2024, followed by mainnet deployment in 2025. The project team will continue to engage in discussions with the financial industry on their transition from testnet to mainnet.

"We are excited to be a part of Deutsche Bank’s Project DAMA and to contribute to the Monetary Authority of Singapore’s Project Guardian," said Memento Blockchain CEO Jack Tan. "This initiative marks a significant step toward the adoption of blockchain technology in the fund management industry, and we are confident that our combined efforts will lead to innovative and efficient solutions for the digital age."

"We are thrilled to collaborate with Deutsche Bank and Memento Blockchain on this project, which showcases the power of Axelar in enabling cross-chain operability and connectivity," said Interop Labs Head of Growth and Strategy Benzinga. "This project demonstrates the capability of blockchain technology to service funds across multiple chains, both EVM and non-EVM, highlighting the potential for interoperability between different blockchain protocols. We are excited to continue working with our partners to drive innovation in the digital asset space."

About Memento Blockchain

Memento Blockchain is a pioneering blockchain development company dedicated to providing innovative solutions for the evolving financial landscape. Specializing in decentralized finance (DeFi), digital asset management, and blockchain infrastructure, Memento Blockchain works closely with financial institutions, enterprises, and developers to create customized blockchain products that deliver security, scalability, and flexibility. Its contributions to projects like Project DAMA (recipient of innovation awards) and partnerships with major global institutions such as Deutsche Bank highlight its partnership role in driving the adoption of blockchain technology across various use cases. Visit mementoblockchain.com to learn more.

About Interop Labs

Founded in 2022, Interop Labs is a leading developer of blockchain interoperability technology, used by Web3 infrastructure protocols to support scaling the next generation of internet applications to billions of users. A recognized contributor to the Cosmos and Polkadot ecosystems, Interop Labs is the initial developer of Axelar network. Visit interoplabs.io to learn more.

About Axelar

Axelar is the Web3 interoperability platform, delivering the shortest path to scale: an open stack to connect all blockchains. Adopters include Uniswap, Chainlink, Moonbeam, Acala, Osmosis, and dozens of natively multichain startups, building applications to reach all blockchain users at once – 10X as many active users as the leading Web3 application environment. Axelar supports smart contracts on a cross-chain layer that is open, scalable, and secure. Backers include Binance, Coinbase, Dragonfly, Galaxy, and Polychain. Visit axelar.network to learn more.

About Deutsche Bank

Deutsche Bank provides commercial and investment banking, retail banking, transaction banking, and asset and wealth management products and services to corporations, governments, institutional investors, small and medium-sized businesses, and private individuals. Deutsche Bank is Germany’s leading bank, with a strong position in Europe and a significant presence in the Americas and Asia Pacific.