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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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The Great Onboarding: US Government Anchors Global Economy into Web3 via Pyth Network

For years, the crypto world speculated that the next major cycle would be driven by institutional adoption, with Wall Street finally legitimizing Bitcoin through vehicles like ETFs. While that prediction has indeed materialized, a recent development signifies a far more profound integration of Web3 into the global economic fabric, moving beyond mere financial products to the very infrastructure of data itself. The U.S. government has taken a monumental step, cementing Web3's role as a foundational layer for modern data distribution. This door, once opened, is poised to remain so indefinitely.

The U.S. Department of Commerce has officially partnered with leading blockchain oracle providers, Pyth Network and Chainlink, to distribute critical official economic data directly on-chain. This initiative marks a historic shift, bringing immutable, transparent, and auditable data from the federal government itself onto decentralized networks. This is not just a technological upgrade; it's a strategic move to enhance data accuracy, transparency, and accessibility for a global audience.

Specifically, Pyth Network has been selected to publish Gross Domestic Product (GDP) data, starting with quarterly releases going back five years, with plans to expand to a broader range of economic datasets. Chainlink, the other key partner, will provide data feeds from the Bureau of Economic Analysis (BEA), including Real Gross Domestic Product (GDP) and the Personal Consumption Expenditures (PCE) Price Index. This crucial economic information will be made available across a multitude of blockchain networks, including major ecosystems like Ethereum, Avalanche, Base, Bitcoin, Solana, Tron, Stellar, Arbitrum One, Polygon PoS, and Optimism.

This development is closer to science fiction than traditional finance. The same oracle network, Pyth, that secures data for over 350 decentralized applications (dApps) across more than 50 blockchains, processing over $2.5 trillion in total trading volume through its oracles, is now the system of record for the United States' core economic indicators. Pyth's extensive infrastructure, spanning over 107 blockchains and supporting more than 600 applications, positions it as a trusted source for on-chain data. This is not about speculative assets; it's about leveraging proven, robust technology for critical public services.

The significance of this collaboration cannot be overstated. By bringing official statistics on-chain, the U.S. government is embracing cryptographic verifiability and immutable publication, setting a new precedent for how governments interact with decentralized technology. This initiative aligns with broader transparency goals and is supported by Secretary of Commerce Howard Lutnick, positioning the U.S. as a world leader in finance and blockchain innovation. The decision by a federal entity to trust decentralized oracles with sensitive economic data underscores the growing institutional confidence in these networks.

This is the cycle of the great onboarding. The distinction between "Web2" and "Web3" is rapidly becoming obsolete. When government data, institutional flows, and grassroots builders all operate on the same decentralized rails, we are simply talking about the internet—a new iteration, yes, but the internet nonetheless: an immutable internet where data is not only published but also verified and distributed in real-time.

Pyth Network stands as tangible proof that this technology serves a vital purpose. It demonstrates that the industry has moved beyond abstract "crypto tech" to offering solutions that address real-world needs and are now actively sought after and understood by traditional entities. Most importantly, it proves that Web3 is no longer seeking permission; it has received the highest validation a system can receive—the trust of governments and markets alike.

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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.

Lutnick said, “The Department of Commerce is going to start issuing its statistics on the blockchain because you are the crypto President. And we are going to put out GDP on the blockchain, so people can use the blockchain for data distribution. And then we’re going to make that available to the entire government. So, all of you can do it. We’re just ironing out all the details.”

The data includes Real GDP and the PCE Price Index, which reflects changes in the prices of domestic consumer goods and services. The statistics are released monthly and quarterly. The biggest initial use will likely be by on-chain prediction markets. But as more data comes online, such as broader inflation data or interest rates from the Federal Reserve, it could be used to automate various financial instruments. Apart from using the data in smart contracts, sources of tamperproof data 👉will become increasingly important for generative AI.

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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