Deutsche Bank joined Singapore’s tokenization project soon after reiterating skepticism about transparency about the world’s largest stablecoin, Tether.As part of the collaboration, Deutsche Bank will test an open architecture and interoperable blockchain platform to service tokenized and digital funds. The bank will also propose protocol standards and identify the best approach to contribute to industry progress.
Deutsche’s Asia Pacific head of securities and technology, Boon-Hiong Chan, will be the bank’s lead for Project Guardian. The bank is expected to work closely with Memento Blockchain, a software-based platform targeting DeFi and digital asset management.The initiative aims to unlock the potential for a more efficient, secure and flexible solution for digital fund management and investment servicing.
The new Deutsche Bank’s efforts aim to introduce DAMA 2. The development will involve Interop Labs, the initial developer of the major interoperable blockchain, the Axelar network. Some major cryptocurrency firms, including Ripple, have been working with the Axelar Foundation to add interoperability to their blockchain networks.in 2022, Project Guardian is a collaborative initiative between the MAS and other financial market players, including the United Kingdom’s Financial Conduct Authority, Switzerland's Financial Market Supervisory Authority and Japan's Financial Services Agency.