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Deutsche Bank tests tokenized funds on public blockchain
February 21, 2023
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Today Deutsche Bank Singapore released a report of a proof of concept (PoC) with Memento Blockchain to provide a platform for asset managers to issue tokenized funds. Project DAMA (Digital Assets Management Access) includes some novel features, especially the ability to provide mass customization of the fund.

The solution was awarded a grant from the Monetary Authority of Singapore as part of its Financial Sector Technology and Innovation (FSTI) program.

DAMA does not aim to disintermediate the fund issuance or administration process. It still involves asset managers and transfer agents, with custodians taking on several roles, such as enabling digital cash.

However, a key feature is an ability to service all the different roles in fund management from a single solution.

Transfer agents would give an investor a digital identity as a soul bound token. With KYC data stored offline, this would enable the user to invest in any fund operated by the platform without the need to repeat the KYC process. 

Blockchain data would be the primary source of investor ownership records, with an API enabling the transfer agent to maintain traditional records to comply with current laws.

Bleeding edge blockchain innovation

One of the promises of blockchain and tokenization is the ability to enable fund customization. The mass customization described in the report is more about rebalancing. For example, if the initial fund has a certain proportion of equities and bonds, changes in values may require the asset manager to rebalance the fund to maintain those proportions. One kind of customization is if the user chooses to keep the original proportion rather than rebalance it. Mass customization is seen as a way for asset managers to attract and retain investors.

The tokens are issued on the public Ethereum blockchain and investors can subscribe in various ways, including minting a token directly or a user investing via a decentralized exchange (DEX). Memento has its own DEX, ComboSwap, a crypto token and the Domani Protocol, a fund management solution which seems to have formed the basis of the PoC. 

One of the issues discussed in the report is the potential for cryptocurrency-based funds. Memento’s market research indicates growing interest from institutional investors, but they are held back by a reluctance to self custody and a lack of choice in digital asset custodians. That seems to be a key objective of the PoC because Deutsche Bank could play that role.

Meanwhile, the Deutsche Bank group’s interest in crypto and asset management extends to its asset management subsidiary DWS, which is reportedly mulling digital asset acquisitions

Fund distribution firms such as CalastoneAllfunds and FundsDLT have been involved in the sector for several years. But in the past year, several key asset managers and administrators have shown interest, including KKRVanguardabrdnHamilton Lane and Apex.

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US Dept of Commerce to publish GDP data on blockchain

On Tuesday during a televised White House cabinet meeting, Commerce Secretary Howard Lutnick announced the intention to publish GDP statistics on blockchains. Today Chainlink and Pyth said they were selected as the decentralized oracles to distribute the data.

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While it would be possible to procure the data from third parties, it is always ideal to get it from the source to ensure its accuracy. Getting data directly from government sources makes it tamperproof, provided the original data feed has not been manipulated before it reaches the oracle.

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List Of Cardano Wallets

Well-known and actively maintained wallets supporting the Cardano Blockchain are EternlTyphonVesprYoroiLaceADAliteNuFiDaedalusGeroLodeWalletCoin WalletADAWalletAtomicGem WalletTrust and Exodus.

Note that in case of issues, usually only queries relating to official wallets can be answered in Cardano groups across telegram/forum. You may need to consult with specific wallet support teams for third party wallets.

Tips

  • Its is important to ensure that you're in sole control of your wallet keys, and that the keys used can be restored via alternate wallet providers if a particular one is non-functional. Hence, put extra attention to Non-Custodial and Compatibility fields.
  • The score column below is strictly a count of checks against each feature listed, the impact of specific feature (and thus, score) is up to reader's descretion.
  • The table represents current state on mainnet network, any future roadmap activities are out-of-scope.
  • Info on individual fields can be found towards the end of the page.
  • Any field that shows partial support (eg: open-source field) does not score the point for that field.

Brief info on fields above

  • Non-Custodial: are wallets where payment as well as stake keys are not shared/reused by wallet provider, and funds can be transparently verified on explorer
  • Compatibility: If the wallet mnemonics/keys can easily (for non-technical user) be used outside of specific wallet provider in major other wallets
  • Stake Control: Freedom to elect stake pool for user to delegate to (in user-friendly way)
  • Transparent Support: Easy approachability of a public interactive - eg: discord/telegram - group (with non-anonymous users) who can help out with support. Twitter/Email supports do not count for a check
  • Voting: Ability to participate in Catalyst voting process
  • Hardware Wallet: Integration with atleast Ledger Nano device
  • Native Assets: Ability to view native assets that belong to wallet
  • dApp Integration: Ability to interact with dApps
  • Stability: represents whether there have been large number of users reporting missing tokens/balance due to wallet backend being out of sync
  • Testnets Support: Ability to easily (for end-user) open wallets in atleast one of the cardano testnet networks
  • Custom Backend Support: Ability to elect a custom backend URL for selecting alternate way to submit transactions transactions created on client machines
  • Single/Multi Address Mode: Ability to use/import Single as well as Multiple Address modes for a wallet
  • Mobile App: Availability on atleast one of the popular mobile platforms
  • Desktop (app,extension,web): Ways to open wallet app on desktop PCs
  • Open Source: Whether the complete wallet (all components) are open source and can be run independently.

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XRP: r9pid4yrQgs6XSFWhMZ8NkxW3gkydWNyQX
XLM: GDMJF2OCHN3NNNX4T4F6POPBTXK23GTNSNQWUMIVKESTHMQM7XDYAIZT
XDC: xdcc2C02203C4f91375889d7AfADB09E207Edf809A6

 

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