Official announcements from Deutsche Bank or relevant regulatory bodies

Deutsche Bank's $1.5 Trillion Project Dama 2 Develops Ethereum L2 with ZKsync for Regulatory Oversight

Dec 18, 2024, 03:13 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. The initiative aims to address compliance challenges faced by financial institutions when using public blockchains, such as the risk of transacting with criminals or sanctioned entities. The project includes a trusted verifier mechanism and grants regulators special supervisory authority to mitigate these risks. A minimum viable product is expected to be ready by 2025, subject to regulatory approval. This move is part of Deutsche Bank's effort to enhance efficiency and cost savings in regulated financial services while tackling privacy and transaction challenges.