Deutsche Bank and Memento Blockchain have completed a proof of concept tokenization platform called Project DAMA (Digital Asset Management Access), which aims to simplify launching and accessing digital funds.
The project will initially be tested in Singapore due to its crypto-friendly disposition, as well as its status as a globally leading hub for fund and asset managers. Additionally, the bank said the country is proactive approach to regulating new technology and financial services.
Deutsche Bank said the current process to launch digital funds requires a multitude of intermediaries, from fund administrators to payment providers. Similarly, an investor wanting to move from fiat to digital assets also needs multiple service providers.
DAMA is a “one-stop digital fund investment servicing platform” built on Ethereum that various stakeholders — like fund managers and custodians — can use to launch and manage digital funds in one place. Meanwhile, investors can use the platform to access different funds via different fund managers in one place.
The goal is to significantly reduce the effort it takes to launch, manage and access digital funds.
Managers looking to launch funds will be able to define its investment strategy and select the underlying assets and management fees, among other traits, through a one-window wizard on the platform.
Digital Identity using Soulbound Tokens
Deutsche Bank and Memento have created various features as an integral part of the platform, one of which is using Soulbound Tokens (SBTs) for KYC and identification purposes.
DAMA ties SBTs to an individual’s wallet, which allows the platform to verify the person’s identity and allow them access to various DeFi investment opportunities without requiring them to submit personal information every time. The SBTs can also be used to grant or restrict special access to different investment opportunities and determine other metrics tied to an investor’s portofolio.
The SBTs are based on ERC-721 and are further customized to be non-transferable on top of their non-fungible traits.
The transfer agent — in this case the bank — will be responsible for minting the SBT and sending it to the investors wallet. The bank will also be responsible for conduction all KYC checks to stay compliant with regulation and has the ability to recall an SBT if required.
MetaMask integration & on-ramp solution
DAMA has integrated MetaMask and is using cryptocurrency wallet to connect centralized and decentralized custody wallets to dapps and other DeFi services.
MetaMask wallets holding the SBT will be able to access the platform and its various services.
The platform intends to primarily use MetaMask for digital asset custody, as it gives users complete control of their assets and maintains a unique record on each blockchain.
Additionally, the platform has partnered with an unnamed payment processor to convert fiat to digital assets and allow easy on-boarding via bank transfers.
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