ZKsync

Ethereum

Bank

2024

<h4><strong>One of the biggest players in the German financial market—Deutsche Bank—has decided to enter the blockchain industry. According to <a href="https://www.bloomberg.com/news/articles/2024-12-18/deutsche-bank-tries-to-tackle-compliance-hurdles-for-public-blockchains?utm_source=telegram&amp;utm_content=crypto&amp;utm_medium=social" target="_blank" rel="noopener noreferrer nofollow">Bloomberg</a>, the bank is building its layer-2 (L2) blockchain on Ethereum, which uses ZKsync technology. </strong></h4>
<p>It aims to solve compliance problems, which are critical for regulated finance. It also reveals the possibility of using blockchain effectively and openly. <span style="font-weight: 400;">Deutsche Bank is currently head of this development, which means blockchain’s future in finance is bright.</span></p>
<h5><strong>What’s the Deutsche Bank Building?</strong></h5>
<p><span style="font-weight: 400;">The primary purpose of Project Dama 2 is to improve overall blockchain implementation in financial institutions that the <a href="https://www.altcoinbuzz.io/?s=L2+solution" target="_blank" rel="noopener noreferrer nofollow">L2 solution</a> can solve. As a decentralized application constructed on the Ethereum blockchain, this platform seeks to enhance transaction throughput and decrease expenses. It also responds to the compliance needs of regulated industries.</span></p>
<blockquote class="twitter-tweet">
 <p dir="ltr" lang="en">Deutsche Bank, one of the worlds largest banks is building their own Layer 2 on top of Ethereum powered by <a href="https://twitter.com/zksync?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@zksync</a> and built by <a href="https://twitter.com/Memento_Bc?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@Memento_Bc</a></p>
 <p>Why build your own L2? Institutions clearly see the benefits of tokenization and moving onto blockchain rails:<br> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2705.png" alt="✅" class="wp-smiley" style="height: 1em; max-height: 1em;">Reduced costs<br> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2705.png" alt="✅" class="wp-smiley" style="height: 1em; max-height: 1em;">Increased… <a href="https://t.co/GnCKj3a0Og" rel="noopener noreferrer nofollow">https://t.co/GnCKj3a0Og</a></p>
 <p>— Omar (@Ozhar) <a href="https://twitter.com/Ozhar/status/1869417749643997588?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">December 18, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p><span style="font-weight: 400;">One aspect of the development of this aspect is the integration of <a href="https://www.altcoinbuzz.io/?s=ZKsync+technology" target="_blank" rel="noopener noreferrer nofollow">ZKsync technology</a>. Using <a href="https://x.com/zksync" target="_blank" rel="noopener noreferrer nofollow">ZKsync</a>, transactions are transparent, but at the same time, privacy is maintained without necessarily considering security. </span><span style="font-weight: 400;">It will also include an effective verifier and other compliance assets tailored for authorities. All these features make it a blockchain for the financial industry.</span></p>
<h5><strong>Why Does This Matter for Finance?</strong></h5>
<p><span style="font-weight: 400;">It is part of the Monetary Authority of Singapore’s Project Guardian. <a href="https://x.com/DeutscheBank" target="_blank" rel="noopener noreferrer nofollow">Deutsche Bank</a> involves 24 institutions exploring the concept of tokenization.</span></p>
<p><span style="font-weight: 400;"><a href="https://www.altcoinbuzz.io/?s=Deutsche+Bank" target="_blank" rel="noopener noreferrer nofollow">Deutsche Bank</a> might serve as a reference point for financial institutions. It offers insights on overcoming regulatory challenges to implement blockchain solutions. These solutions relate to asset servicing, trading, and monitoring compliances. The platform, therefore, seeks to plan an initial deployment as an MVP in 2025. The procurement of a license shall be the following major development.</span></p>
<blockquote class="twitter-tweet">
 <p dir="ltr" lang="en">Today in <a href="https://twitter.com/business?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@business</a>: ZKsync is powering <a href="https://twitter.com/DeutscheBank?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@DeutscheBank</a> moves’ in blockchain, enabling secure and compliant solutions for tokenized and hybrid funds. The future of onchain finance is happening on <a href="https://twitter.com/zksync?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@zksync</a>.. <a href="https://t.co/XIt0O4d1BJ" rel="noopener noreferrer nofollow">pic.twitter.com/XIt0O4d1BJ</a></p>
 <p>— Xoch <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f9ea.png" alt="🧪" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@xo_poseidon) <a href="https://twitter.com/xo_poseidon/status/1869459711592194504?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">December 18, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<h5><strong>Why Layer 2?</strong></h5>
<p><span style="font-weight: 400;">Blockchains in <a href="https://www.altcoinbuzz.io/?s=layer+2" target="_blank" rel="noopener noreferrer nofollow">layer 2</a> have better throughput in processing transactions. They do so at the same or a lower cost than traditional methods. Additionally, they remain secure and transparent.</span></p>
<p><span style="font-weight: 400;">For Deutsche Bank, an L2 solution offers an added advantage: regulatory tools. These tools include ‘super admin rights.’ These rights enable financial regulators to audit transactions and their characteristics. This approach makes blockchain more transparent while at the same time meeting compliance laws and regulations.</span></p>
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<h5><strong>Disclaimer</strong></h5>
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p>
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/deutsche-bank-launches-layer-2-with-zksync-tech/" rel="noopener noreferrer nofollow">Deutsche Bank Launches Layer 2 with ZKsync Tech</a> appeared first on <a href="https://www.altcoinbuzz.io" rel="noopener noreferrer nofollow">Altcoin Buzz</a>.</p>

Deutsche Bank Launches Layer 2 with ZKsync Tech

Altcoin Buzz

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