Banks want all their tokens – With the speed of innovation in this sector, each year in cryptocurrency offers its share of new promising themes. This year 2022, “tokenization” will undoubtedly be part of it. After the recent issue of $100 million “tokenized green bonds” by the government of hong kongit is now the Deutsche Bank who gets into it. Indeed, the multinational banking company announces its project RFSA : a tokenization platform.
Deutsche Bank wants to offer digitized assets on blockchain
If the banks continue, at least on the front, to denigrate Bitcoin (BTC) and decentralized cryptocurrencies, they willingly exploit the technologies for their own benefit. After the tokenization platform “GS DAP” of Goldman Sachs formalized in January 2023, another banking giant is already entering the field.
In a recent report, the Deutsche Bank (Singapore subsidiary) presents its project RFSA (Digital Asset Management Access). The latter, designed in collaboration with Memento Blockchainaims to facilitate the management of funds that invest in tokenized securities (tokenized securities).
As we will see, a first experiment of this tokenization of financial assets has already been made as “proof of concept”all this under the leadership of theMonetary Authority of Singapore (MAS).
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When bankers do DeFi on Ethereum
The title above is by no means exaggerated. We learn in this report that Deutsche Bank and its partner Memento Blockchain have created a decentralized finance platform (DeFi) under the DAMA project. And better, they didn’t do it on a private proprietary blockchain, but on the public network Ethereum (ETH).
This by exploiting, in addition, the very recent crypto innovation of soulbound tokens (SBT) for the purpose ofNumeric identity. The latter are a form of non-fungible tokens (NFT), whose particularity is to also be non transferable.
“To enable digital identity on a decentralized finance investment platform built on Ethereum, we created a unique, non-transferable token that represents the digital identity of a wallet owner (see image below). This type of token is known as Soulbound Token. (…) Thanks to the SBT, we can then verify the identity of the owner of the wallet [blockchain] and give him access to the various DeFi investment opportunities, without him having to provide personal information each time. »
If they start exploiting the technologies derived from cryptocurrencies, or even directly from decentralized crypto networks, like Ethereum, bankers will find it increasingly difficult to continue to slander the sector. The whole problem for small projects of cryptocurrencies and retail investors will even potentially be don’t get kicked out by big banking players and wealthy institutional investors in theera of tokenization upcoming assets.
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