During the Singapore FinTech Festival 2024, the collaboration between Deutsche Bank, Memento Blockchain, Interop Labs, and Axelar resulted in significant updates on Project DAMA 2, a key initiative under the Monetary Authority of Singapore’s Project Guardian. This news was shared through Axelar X account, highlighting the exploration of blockchain potential in the financial space through tokenized assets and multichain interoperability in asset servicing.
đź”” Project DAMA 2 has been unveiled as part of @MAS_sg Project Guardian initiative, revealing key components provided by @Memento_Bc + Axelar in a tokenized-assets pilot led by @deutschebank.
The implementation connects components built on Avalanche, Stellar and zkSync 🧵 👇 pic.twitter.com/wEEjD8I3Br
— Axelar Network (@axelar) November 6, 2024
Memento ZKchain Launches with Axelar Integration for Enhanced Security and Scalability
ZKchain, the core blockchain of Memento Blockchain integrated with Axelar, emphasizes enhanced security and scalability through zero-knowledge technology. The testnet built with Matter Labs showcases how blockchain simplifies fund distribution and servicing across multiple chains.
The success of Memento ZKchain can be attributed to features such as KYC, AML, and sanctions checks through a soulbound token-based digital identity system. The blockchain includes a Paymaster functionality to manage gas fees via conventional payment systems while maintaining user privacy and complying with legal requirements.
Axelar Powers Memento ZKchain’s Cross-Chain Interoperability
Interop Labs and Axelar network facilitate the testnet’s interoperability, connecting Memento ZKchain with Avalanche Fuji and Stellar among over 69 other blockchains. This interoperability enables secure and scalable financial applications on both EVM and non-EVM chains.
The testnet supports real-life fund management scenarios and facilitates the creation and distribution of tokenized funds across various blockchains. It also enables seamless interoperability between EVM and non-EVM chains, enhancing transaction finality for asset protection and operational efficiency.
Following the successful testnet launch, the team is preparing for migration to the mainnet and welcomes feedback from the financial industry to enhance solutions. A white paper detailing the project’s progress is expected to be published by 2025.