30s Summary

Deutsche Bank is reportedly developing its own blockchain, Project Dama 2, using Ethereum technology. In collaboration with the Monetary Authority of Singapore and 24 financial institutions, the project aims to improve transaction efficiency and regulatory compliance. Deutsche Bank recently entered a partnership with Crypto.com for providing banking services in Asia-Pacific regions, and also hinted at future partnerships in the UK and Europe. Although some regulatory hurdles remain, Deutsche Bank suggested the blockchain could be launched in 2025.

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Deutsche Bank, the biggest bank in Germany, is playing around with the idea of creating their own blockchain– and you guessed it, they’re using Ethereum tech to do so. The bank’s initiative is called Project Dama 2, and it’s being created to help with things like transaction efficiency and making sure everything is up to speed with financial regulations.

According to Bloomberg, this new software is not just Deutsche Bank doing its own thing. It’s part of a larger project being led by the Monetary Authority of Singapore, which has gathered 24 financial organizations in hopes of exploring what they can do with blockchain technology when it comes to things like tokenization.

The big plan with Project Dama 2 is that, once it gets approved, it could lead other institutions to be more open to use blockchain technology while also making sure everything is kept in check regulation-wise. Basically, it’s a step towards more banks and financial institutions being more comfortable interacting with decentralized networks.

The tech they’re using to develop Project Dama 2 is known as L2 blockchains. What makes it cool is that it works on top of layer-1 networks, like Ethereum, which can allow for faster and cheaper transactions. Plus, it has “super admin rights,” which basically means regulators can keep an eye on everything.

On top of all this, Deutsche Bank also recently joined forces with Crypto.com on Dec. 10 to help provide banking services across regions in the Asian-Pacific, such as Singapore, Australia, and Hong Kong. The German bank also teased that there might be more partnerships coming up in the UK and other European countries.

And before you ask, yes– there’s still a bit of red tape to get through before Project Dama 2 is up and running. But with Deutsche Bank hinting at a possible launch in 2025, it’s something to keep an eye on for sure.