On November 6, 2024, in Singapore, a tokenization asset pilot led by Deutsche Bank showcased core technology components provided by Memento Blockchain and Axelar.
In the multi-chain asset service pilot program led by Deutsche Bank, and the Project DAMA 2 project as part of the MAS (Monetary Authority of Singapore) Project Guardian program, Memento Blockchain and Interop Labs provided critical technical support. The project aims to drive the development of digital asset management, fund distribution, and service models through blockchain technology, including advanced technologies such as the ZKsync Stack and the Axelar network.
Memento ZKchain: Leading Digital Innovation
The technical team of Memento Blockchain has successfully developed a complete testnet for the Memento ZKchain public permissioned chain. This testnet is based on the ZKsync Stack and, with the support of Matter Labs, has achieved cross-chain interoperability with the Axelar network, with technical assurance provided by Interop Labs.
This testnet adopts zero-knowledge technology and has the following leading features:
Soulbound Token-based digital identity system: A secure and tamper-proof identity authentication system that facilitates compliance reviews, including KYC, AML, sanctions checks, and investor qualification tests.
Paymaster function: Simplifies the gas process through traditional payment channels, while providing detailed payment records.
Customized block explorer: Designed to ensure the confidentiality of on-chain transactions, while ensuring complete regulatory transparency.
Tokenized fund creation and issuance: Supports the creation and issuance of digital funds and traditional funds through the Domani Protocol dApp.
Modular smart contracts: For on-chain data capture in fund management, ensuring the security of fund management and asset custody.
Cross-chain interoperability: Seamlessly connects to other blockchains, improving capital efficiency.
This series of innovations positions Memento ZKchain as a leader in blockchain-based financial solutions, leveraging zero-knowledge technology to enhance security, efficiency, and scalability, laying the foundation for the future financial infrastructure.
Axelar Enables Multi-Chain Interoperability
Interop Labs, utilizing its cross-chain technology, has achieved complete cross-chain interoperability for Memento ZKchain, successfully connecting to Avalanche Fuji and Stellar through the Axelar network, paving the way for future integration with more blockchains (both EVM and non-EVM networks), enhancing the scalability and customization capabilities of financial applications.
Practical Applications in Fund Management
In the field of fund management, the project team is testing the following use cases:
Fund managers can issue and distribute tokenized funds on one or more blockchains, improving efficiency and flexibility.
Interoperability of digital assets and cash between EVM and non-EVM chains, ensuring the security and authenticity of transactions.
Achieving fast settlement, improving asset security and operational efficiency.
These application scenarios demonstrate the immense potential of blockchain technology in fund management, providing unprecedented security and convenience for managers, distributors, and investors.
Towards the Mainnet: Calling for Feedback from the Financial Industry
As the testnet has validated the feasibility of these solutions, the project team is actively exploring the next step towards mainnet deployment. This phase marks another major breakthrough in digital fund management and services, and the team welcomes discussions with the financial industry, particularly regarding the standardization and integration of projects such as the MAS Global Layer 1.
We look forward to industry opinions and feedback to drive the transition from testnet to mainnet.
Looking Ahead
The team will showcase these technological achievements at the Singapore FinTech Festival and looks forward to collaborating with industry partners to drive the implementation of blockchain-based financial solutions. The project will also conduct live demonstrations to showcase the potential of the technology in real-world applications.
In 2025, the team will release a whitepaper to promote broader industry discussion and implementation.
About Memento Blockchain
Memento Blockchain is a company dedicated to providing blockchain solutions for financial industry innovation. The company focuses on decentralized finance (DeFi), digital asset management, and blockchain infrastructure, working closely with financial institutions, enterprises, and developers to create customized blockchain products with high security, scalability, and flexibility. Memento Blockchain's participation in Project DAMA has won an innovation award, and its collaboration with global institutions like Deutsche Bank has further promoted the adoption of blockchain technology in various application scenarios. For more information, please visit mementoblockchain.com.
About Interop Labs
Interop Labs is a leading blockchain interoperability technology development company, with its technology widely used in Web3 infrastructure, enabling the next generation of internet applications to achieve massive scalability and serve billions of potential users. Interop Labs is the initial development team of the Axelar network. For more information, please visit interoplabs.io.
About Axelar
Axelar is a Web3 platform focused on blockchain interoperability, providing an open technology architecture to connect various blockchain networks. Companies like Uniswap and Microsoft have adopted Axelar technology to build applications that can serve users across multiple blockchains, with user scale far exceeding existing mainstream Web3 applications. Axelar supports cross-chain smart contracts, providing open, secure, and scalable solutions. Supporters include Binance, Coinbase, Dragonfly, Galaxy, and Polychain, among others. For more information, please visit axelar.network.
About Deutsche Bank
Deutsche Bank is a global financial institution that provides commercial and investment banking, retail banking, transaction banking, and asset and wealth management services. Its clients include corporations, governments, institutional investors, small and medium-sized enterprises, and private individuals. As Germany's largest bank, Deutsche Bank holds a significant position in the European market and has a broad influence in the Americas and Asia-Pacific regions.
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