Deutsche Bank Tests Asset Mgmt With Memento Blockchain, Puts Domani’s DEXTF Tokens in Focus

admin - 22. Februar 2023 - No comments

Summary

  • Deutsche Bank and Memento Blockchain have successfully completed a proof of concept – known as Project DAMA (Digital Assets Management Access) – to provide an efficient, secure and flexible solution for digital fund management and investment servicing.
  • Project DAMA would work as a one-stop digital fund investment servicing platform for asset managers and would significantly reduce the effort and cost required to launch and administer digital funds.
  • The project was awarded the Monetary Authority of Singapore’s Financial Sector Technology and Innovation (FSTI) Proof of Concept grant on 5 August 2022, with fees being provided by Domani’s DEXTF tokens.

Deutsche Bank & Memento Blockchain Collaboration

Deutsche Bank (DBK) and Memento Blockchain have successfully completed a proof of concept – known as Project DAMA (Digital Assets Management Access) – to provide a more efficient, secure and flexible solution for digital fund management and investment servicing. Deutsche said in a Tuesday report that the project aims to address the challenges associated with launching or accessing cryptocurrency funds. This proof of concept was also awarded the Monetary Authority of Singapore’s Financial Sector Technology and Innovation (FSTI) Proof of Concept grant on 5 August 2022. The German bank said in its report that fees on the service were provided by Domani, a Memento blockchain product, that issues the DEXTF tokens. These tokens have a current market capitalization of $12 million as of Tuesday.

Project DAMA – One Stop Digital Fund Investment Servicing Platform

Project DAMA would work as a one-stop digital fund investment servicing platform where asset managers and their existing transfer agents, fund administrators, and custodians can plug in and play to significantly reduce the effort and cost required to launch or access digital funds. The platform will simplify processes such as onboarding, compliance checks, KYC/AML verification procedures which are often complex due to different regulations across jurisdictions. It will also enable access between different types of assets including fiat currencies, cryptocurrencies, securities etc., allowing asset managers to easily diversify investments without any additional setup costs.

Challenges Addressed by Project DAMA

Currently established processes for launching or accessing cryptocurrency funds are time consuming, costly & risky which discourage most asset managers & institutional investors from entering this market. Project DAMA aims at eliminating these challenges by providing an efficient & secure alternative for asset managers who wish to access or launch digital funds without having to go through lengthy processes & expensive setup costs. Additionally it simplifies tasks such as KYC/AML procedures which vary from jurisdiction to jurisdiction making it difficult for firms operating globally.

Conclusion

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SEC Crypto Crackdown Pushes Industry to Seek Regulatory Clarity

admin - 14. Februar 2023 - No comments

• The US Securities and Exchange Commission (SEC) reached a $30 million settlement with Kraken for their staking-as-a-service platform.
• Staci Warden, CEO of the Algorand Foundation, believes that lack of regulatory clarity led to this development.
• According to Warden, if Kraken’s protocol had been more of a “pass-through profit-taking from the underlying protocol” then it might have been within the purview of the SEC.

SEC’s Crypto Crackdown Highlights Lack of Regulatory Clarity

The U.S. Securities and Exchange Commission (SEC) recently reached a $30 million settlement with crypto exchange Kraken after they halted their U.S.-based crypto staking service due to what the regulator said was promoting the sale of an unregistered security. Algorand Foundation CEO Staci Warden weighed in on this development, saying that ultimately this highlights lack of regulatory clarity when it comes to crypto regulations in America.

Kraken Punished Rather Than Given Guidance

Warden stated that if clearer guidelines had been provided by the SEC, then Kraken’s staking service could have very well been within the purview of the regulator rather than punished for it. She further added that if Kraken’s protocol had been more like a “pass-through profit-taking from the underlying protocol” then it would not have faced such troubles from the regulator.

Issues With Crypto Regulations

According to Warden, although some regulations for digital assets do exist in America, there are still many issues surrounding them as cryptocurrency is still largely unregulated in most parts of world including America itself. This lack of regulatory clarity often leads to confusion both among investors and companies who wish to enter into this space as they are uncertain about how exactly they should go about doing so without running into any legal complications down the line..

Positive Approach Needed

Despite these issues however, Warden believes that regulators need to take a positive approach towards companies like Kraken who offer services related to digital assets instead punishing them for something which is just not clearly defined yet according to laws and regulations.

Conclusion

In conclusion it can be said that while some progress has been made when it comes to regulating cryptocurrencies and other digital assets, there is still much work left ahead before all parties involved can be on one page regarding these matters which will ultimately benefit everyone involved in one way or another as more clarity will lead more people entering into this space which in turn will help ensure its growth and sustainability over time

Categories : Allgemein

Zodia Custody and SBI Launch Crypto Custodian in Japan

admin - 7. Februar 2023 - No comments

• Zodia Custody and SBI Digital Asset Holdings (SBI DAH) have announced a joint venture to set up a crypto asset custodian for institutional investors in Japan.
• The venture, ownership of which will be split 51%-49% in SBI DAH’s favor, is subject to anti-trust and foreign direct investment clearances, as well as licenses from the Japanese regulator, the Financial Services Agency.
• Zodia Custody and SBI are aiming to appeal to institutions interested in crypto investment and adoption but put off by a lack of custodial services that meet the grade of provider in the traditional finance (TradFi) industry.

Zodia Custody Teams Up With SBI Digital Asset Holdings

Zodia Custody has partnered with Japanese financial services firm SBI Holdings’s crypto arm to form a joint venture and establish a crypto asset custodian for institutional investors. The venture is subject to clearance from both anti-trust and foreign direct investment authorities, as well as licenses from the Japanese regulator, the Financial Services Agency.

Aimed At Institutions Interested In Crypto Investment & Adoption

Zodia Custody and SBI are aiming to cater towards institutions interested in investing or adopting cryptos but discouraged by lacking custodial services of providers found in traditional finance (TradFi). The joint venture will offer gold-standard crypto asset custody services in Japan.

Backed By Standard Chartered & Northern Trust

The joint venture between Zodia Custody and SBI Digital Asset Holdings is backed by Standard Chartered and Northern Trust. This provides added assurance for potential customers looking for reliable custody solutions for their digital assets investments.

Coinbase Confirms Halting Operations In Japan

Cryptocurrency storage provider Coinbase has confirmed that it is halting operations in Japan due to regulatory issues related with local licensing requirements. This news further highlights the need for secure digital asset custody solutions within Japan that meet industry standards – something which Zoida Custody aims to provide through its new joint venture with SBI DAH.

Conclusion

By teaming up with an established financial institution like SBI Holdings, Zodia Custody can offer much needed security features to businesses seeking reliable digital asset custody solutions within Japan – an area where Coinbase had previously struggled due to regulatory challenges.

Categories : Allgemein

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