German banking giant Deutsche Bank has launched a new project to simplify digital fund management. The altcoin project he chose for this service recorded a 5x price increase in a short time.
Deutsche Bank’s project led to the rally in this altcoin
Deutsche Bank and its partner Memento Blockchain announced the completion of a proof-of-concept (PoC) project aimed at simplifying digital fund management and investment service. The related project DAMA (Digital Asset Management Access) was developed to provide a more efficient, secure and flexible solution for digital fund management. The collaboration between Deutsche Bank and Memento Blockchain aims to address the challenges associated with launching and accessing digital asset funds. The development prompted the price of Domani Protocol (DEXTF), which underpins the Memento Blockchain.
According to CMC data, DEXTF price has gained more than 5x on the day. He is currently holding around 1,000% his earnings for the last 24 hours.
Deutsche Bank and its partner Memento Blockchain partnership
Currently, the process of launching or accessing digital funds is quite challenging. This deters most asset managers and institutional investors from entering the market. This is because it requires collaboration with multiple intermediaries and service providers, including transfer agents, fund managers, and payment providers.
Deutsche Bank said the process of launching or accessing currently established crypto funds is not only time-consuming, but also costly and risky, and that it will deter most asset managers and institutional investors from entering the market, apart from the best-resourced players.
Project DAMA aims to meet these challenges by providing a one-stop digital fund investment service platform that allows asset managers and their existing transfer agents, fund managers and custodians to plug and play. This service can significantly reduce the effort and cost required to start and manage digital funds. In addition, the platform is designed to facilitate investors’ access to different funds from different asset managers and to cater to different custody models.
What the partnership brings to the altcoin market
Both organizations will work on the design of the platform to create a practical infrastructure for the digital funds environment that blends transfer agency, fund management, custody and payment components, while also supporting an open architecture that enables self-custodial assets.
Memento Blockchain was founded in 2017 by a team of finance and technology experts and specializes in Blockchain-related services. The company has launched four different individual products on four different Blockchains and also offers in-house auditing and development services.
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