In April 2022, Germany dethroned Singapore, at the time at the top of the ranking of the most favorable countries for cryptocurrencies. The reason for this change of situation? The authorization granted by the government to validate crypto transactions at the level of the country’s savings banks. But local banks too have long shown interest in digital assets. Recently, Deutsche Bank took a big step that will help Germans in the adoption of cryptocurrencies.
Deutsche Bank Successfully Passes Test of Token Investment Platform
Deutsche Bank has always been confident about the future of cryptocurrencies. In 2020, she has already argued that crypto adoption will happen the way humanity has come to terms with the internet. A year later, the same banking institution decided to be part of the adventure. Hence his countless initiatives to democratize cryptocurrencies on German soil.
In a recent article on his websiteDeutsche Bank announced that it has “ successfully completed a proof of concept – known as the DAMA project (Digital Assets Management Access)”. Supported by Memento Blockchain, this German bank did not hide its pride in having passed the test of this ” more efficient, safer and more flexible solution for digital funds management and investment service “.
Thus, Deutsche Bank has set up a “one-stop digital fund investment services platform “. The latter is deployed on Ethereum.
The end of investment product management intermediaries
According to Deutsche Bank, DAMA will sign the end of a process favorable to the monopoly of intermediaries in fiat-cryptocurrency conversion. By “intermediaries”, this German institution points the finger at service providers. These include transfer agents, payment providers and fund administrators.
So this process is long, but also expensive and risky that asset managers and institutional investors saw themselves as demotivated in crypto investments.
This prompted Deutsche Bank to accelerate, to the point of developing a unique digital investment services platform.
Note that the initial test of the platform will take place in Singapore. As people there are quite favorable to cryptocurrencies, Deutsche Bank decided to make sample DAMAs and Soulbound Tokens (SBT), thanks to MetaMask, to local investors first.
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