German banking major Deutsche Bank has joined hands with the Monetary Authority of Singapore’s Project Guardian, which is an asset tokenization project.
The Monetary Authority of Singapore-run Project Guardian has a new collaborator with Deutsche Bank. The German bank will work on the asset tokenization project, specifically in decentralized finance applications and wholesale funding markets. Meanwhile, the bank released a press release on the event and mentioned its intention for the move.
The press release explained that the partnership would explore the feasibility of tokenization. It will utilize a blockchain platform to test the settlements of tokenized funds. Based on the results, it will recommend standards for use in industry use cases. Tokenized funds have also been a subject of exploration between financial services firms in the past few months.
Anand Rengarajan, a senior official of Deutsche Bank, said the bank was bullish in developing a digital assets ecosystem in Asia Pacific and Singapore.
He further stated, “Contributing to Project Guardian will bolster our efforts to help shape the new frontier of asset servicing, and strongly position us to contribute to industry progress, and not only anticipate our clients’ needs but exceed their expectations. “
Other executives from Deutsche Bank also commented positively on the development and noted its vast potential. Moreover, Project Guardian has also seen support from countries like Japan in the past.
It is a hallmark project for industry players and regulators to explore tokenized funds and other use cases. The underlying technology powering the use cases is digital ledger technology (DLT).
At the same time, it is also not the first time Deutsche Bank has jumped into the crypto bandwagon. It has worked on crypto projects with firms in the sector. This has resulted in the bank offering crypto custody solutions to its customers.
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