Update reveals key components provided byMemento Blockchain and Axelar in tokenized-assets pilot led by Deutsche Bank

Singapore, 6^th November 2024 – Memento Blockchain and Interop Labs have provided key technical prowess indeveloping a minimal viable product for the Deutsche Bank-led ProjectDAMA 2, a multi-chain asset servicing pilot initiative as part of thebank’s contribution to the Monetary Authority of Singapore’s (MAS)Project Guardian. This collaboration focuses on the advancement of operatingmodels designed to complement the progress in digital asset management, funddistribution and servicing through the use of leading blockchain technologies,including ZKsync Stack and the Axelar network.

Memento ZKchain: Pushing the Boundaries of Digital Innovation
Memento Blockchain'stech team has successfully delivered a fully functional testnet for MementoZKchain’s public-permissioned blockchain. The testnet is built on the ZKsyncStack, with support from Matter Labs, and interoperability withother blockchains is achieved through Axelar network, with support from InteropLabs. The blockchain utilizes zero-knowledge technology and includes thefollowing advanced features:

• Soulbound     token-based digital identity: A secure and immutable identity system for     permissioning and facilitating KYC, AML, sanctions checks and investor     suitability tests.
• Paymaster     functionality: Designed to streamline gas fee management using     traditional payment rails, offering a clear audit trail for gas payments.
• Custom-built     block explorer: A bespoke block explorer to manage on-chain     transaction confidentiality while preserving full regulatory oversight.
• Tokenized     fund creation and issuance: Enabled via the Domani Protocol dApp,     supporting the creation and distribution of tokenized traditional     investment funds, hybrid funds combining digital and traditional assets,     or fully native digital fund.
• Modular     smart contracts for asset servicing: Facilitating on-chain     data capture for fund administration and ensuring fiduciary control of     assets locked within smart contracts and bridges
• Interoperability     capabilities: Seamlessly connecting to other chains to scale     fund distributions

These innovations position Memento ZKchain as a leader inblockchain-based financial solutions, backed by zero-knowledge technology forenhanced security, scalability, and efficiency.. This foundation sets the stagefor groundbreaking developments in blockchain-based financial infrastructure.

MultichainInteroperability: Powered by Axelar
Interop Labs, leveraging its expertise in cross-chain solutions, has enabledMemento ZKchain to achieve full interoperability. Through the Axelar network,Memento ZKchain’s testnet has been successfully connected to Avalanche Fuji andStellar. This achievement opens the door to future integration with over 69blockchain networks (both EVM and non-EVM), providing reach, accessibility, securescalability and customizability for a wide array of financial applications.

Real-World Applications inFund Management
In the areaof fund management, the team continues to assess the following use cases in thetestnet environment:

●     Asingle fund manager issuing and distributing tokenized funds on a singleblockchain or seamlessly across multiple EVM and non-EVM chains, offeringflexibility and efficiency to new operating models.

●     Interoperabilityof digital asset and digital cash movements between EVM and non-EVM chains toconnect different chains for interactions with integrity and authenticity.

●     Potentialsfor instant settlement finality, transforming asset safety and operationalefficiencies.

Theseuse cases showcase how blockchain technology is poised to reshape fundmanagement, offering unprecedented security, flexibility, and efficiency forall stakeholders—from fund managers, distributors to intermediaries and investors.

Moving Toward Mainnet: Callfor Feedback from the Financial Industry
With the testnetproving the viability of these solutions, the project team is now indiscussions regarding the next steps toward mainnet deployment. This next stageof the project represents breaking new grounds in digital fund management and itsservicing, and the team welcomes discussions, like on standardisation andintegration with other initiatives like MAS’ Global Layer 1, with the financialindustry on our transition from testnet to mainnet.

Looking Ahead
The team isexcited to share these developments at the Singapore FinTech Festival and looksforward to working closely with industry stakeholders to further refine andimplement these solutions, leading the way in asset tokenization andblockchain-driven finance. As part of this process, live demonstrations areavailable and can be shared for review and analysis, showcasing the real-worldapplicability of the technology.

In2025, we plan to release a white paper/report to engage the industry and topave the way for implementations.

About Memento Blockchain
Memento Blockchain is a pioneering blockchain development company dedicated toproviding innovative solutions for the evolving financial landscape.Specializing in decentralized finance (DeFi), digital asset management, andblockchain infrastructure, Memento Blockchain works closely with financialinstitutions, enterprises, and developers to create customized blockchainproducts that deliver security, scalability, and flexibility. Its contributionsto projects like Project DAMA (recipient of innovation awards) and partnershipswith major global institutions such as Deutsche Bank highlight our partnership rolein driving the adoption of blockchain technology across various use cases.Learn more at mementoblockchain.com.

About Interop Labs
Interop Labs is a leading developer of blockchain interoperability technology,used by Web3 infrastructure protocols to support scaling the next generation ofinternet applications to billions of users. Interop Labs is the initialdeveloper of Axelar network. Learn more at interoplabs.io.

About Axelar
Axelar is the Web3 interoperability platform, delivering the shortest path toscale: an open stack to connect all blockchains. Adopters include Uniswap,Microsoft, and dozens of natively multichain startups, building applications toreach all blockchain users at once – 10X as many active users as the leadingWeb3 application environment. Axelar supports smart contracts on a cross-chainlayer that is open, scalable and secure. Backers include Binance, Coinbase,Dragonfly, Galaxy and Polychain. Learn more at axelar.network.

About Deutsche Bank
Deutsche Bank provides commercial and investment banking, retail banking,transaction banking, and asset and wealth management products and services tocorporations, governments, institutional investors, small and medium-sizedbusinesses, and private individuals. Deutsche Bank is Germany’s leading bank,with a strong position in Europe and a significant presence in the Americas andAsia Pacific.

This article originally published as a news release at Singapore Fintech Festival 2024.

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