Official announcement from Deutsche Bank or major financial news outlets

Deutsche Bank's $1.5 Trillion Valuation Backs Ethereum L2 Blockchain Development with ZKsync for 2025 Launch

Dec 18, 2024, 03:59 PM

Deutsche Bank, valued at $1.5 trillion and Germany's largest bank, is developing a Layer 2 blockchain on Ethereum using ZKsync technology as part of Project Dama 2. This initiative, part of Singapore's Project Guardian, aims to address compliance challenges in regulated finance, particularly the risks associated with public blockchains such as transacting with criminals or sanctioned entities. The Layer 2 network will be public and permissioned, allowing for regulatory oversight while maintaining efficiency and cost savings. A minimum viable product is planned for launch in 2025, subject to approval. Deutsche Bank's move into blockchain technology is seen as a step towards integrating traditional finance with the capabilities of blockchain, potentially reshaping asset servicing and financial product management.