ZKsync

Ethereum

Franklin

Bank

Guardian

<ul class="wp-block-list">
 <li>Deutsche Bank builds Layer-2 blockchain on Ethereum using ZKsync to enhance compliance and transaction efficiency.</li>  
 <li>Project Dama 2 by Deutsche Bank focuses on secure asset tokenization and regulatory-friendly blockchain solutions.</li>  
 <li>Deutsche Bank’s Ethereum-based blockchain uses ZKsync to lower costs, ensure privacy and streamline financial operations.</li> 
</ul>  
<p>Deutsche Bank is <a href="https://www.bloomberg.com/news/articles/2024-12-18/deutsche-bank-tries-to-tackle-compliance-hurdles-for-public-blockchains?utm_source=telegram&amp;utm_content=crypto&amp;utm_medium=social" rel="noopener noreferrer nofollow">developing</a> a blockchain platform to address regulatory concerns in using public blockchains for financial transactions. The German banking giant is building a Layer-2 blockchain on Ethereum, leveraging ZKsync’s zero-knowledge proof technology.&nbsp;</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  https://twitter.com/CryptooIndia/status/1869386186445447406
 </div>
</figure>  
<p>The initiative, called Project Dama 2, aims to streamline asset servicing while ensuring compliance with financial regulations.</p>  
<h2 class="wp-block-heading" id="h-project-details-and-objectives"><strong>Project Details and Objectives</strong></h2>  
<p>The platform was unveiled as a pilot in November and is part of the Monetary Authority of Singapore’s <a href="https://cryptonewsland.com/swift-and-chainlink-successfully-pilot-tokenized-fund/" rel="noopener noreferrer nofollow">Project Guardian</a>. Project Guardian includes 24 financial institutions exploring blockchain-based asset tokenization.&nbsp;</p>  
<p>Deutsche Bank’s platform focuses on creating a secure, compliant environment for blockchain use in traditional finance. It allows for cheaper, faster transactions while maintaining privacy and regulatory oversight.</p>  
<p>To mitigate risks, the platform will use a curated list of validators. This reduces the chances of engaging with sanctioned entities. The technology also offers regulators enhanced oversight through special administrative tools.</p>  
<h2 class="wp-block-heading" id="h-collaboration-and-technology"><strong>Collaboration and Technology</strong></h2>  
<p>Crypto firms <a href="https://mementoblockchain.com/" rel="noopener noreferrer nofollow">Memento Blockchain</a> and Interop Labs are contributing to the project’s development. The platform incorporates ZKsync’s zero-knowledge proof system to enhance transaction efficiency. This technology minimizes transaction costs while ensuring user privacy and data customization. The solution also reduces reliance on Ethereum’s main Layer-1 chain for transaction records.</p>  
<p>Deutsche Bank plans to release the platform’s first version by 2025, pending regulatory approval. The initiative signals a growing interest in blockchain technology among traditional financial institutions.</p>  
<h2 class="wp-block-heading" id="h-broader-implications-for-traditional-finance"><strong>Broader Implications for Traditional Finance</strong></h2>  
<p>Other major financial players are also exploring blockchain applications. JPMorgan recently conducted its first public blockchain transaction under Project Guardian. Visa is working on tokenizing fiat currencies for banks. Additionally, BlackRock and <a href="https://www.franklintempleton.com/" rel="noopener noreferrer nofollow">Franklin Templeton</a> have already tokenized money funds worth over $1 billion.</p>  
<p>The project demonstrates the growing use of blockchain in traditional finance. It aims to combine the advantages of Ethereum's technology with improved security and compliance. The platform could serve as a model for other organizations seeking to incorporate blockchain technology into their operations.</p> 
<p>The post <a href="https://cryptonewsland.com/deutsche-bank-taps-zksync-and-ethereum-for-regulatory-compliant/" rel="noopener noreferrer nofollow">Deutsche Bank Taps ZKsync and Ethereum for Regulatory-Compliant Blockchain Solution</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Deutsche Bank Taps ZKsync and Ethereum for Regulatory-Compliant Blockchain Solution

Table of Contents

Crypto News Land

Other articles published on Dec 19, 2024

Constellation Network and Common Crawl Provide Secure Validation of AI Training Data (19 Dec)

Bybit Lists LUNAI as AI Influencer Luna Makes Her Web3 Livestream Debut

Crypto Fear & Greed Index Falls to 75, Entering the ‘Greed’ Zone

Bitcoin Price Prediction: FOMC Says Easing Will Slow Next Year After Recent Interest Rate Cuts, W...

Our problem is not markets that are too volatile – It’s traders that are too sensitive

VeChain-Powered VeBetterDAO Targets $16T Tokenization Market

Join our free newsletter for daily crypto updates!