Bloomberg: Deutsche Bank advances blockchain strategy, testing new platform based on Ethereum

2024-05-30 09:08:13

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ChainCatcher news, according to Bloomberg, Deutsche Bank has announced a strategic push to advance blockchain technology development to address challenges facing the financial services industry.

The German banking giant is participating in Project Guardian in Singapore, which is led by the Monetary Authority of Singapore and aims to leverage the benefits of blockchain for financial markets.

Deutsche Bank is currently testing a new platform based on the Ethereum network to service tokenized funds under Project Guardian. Anand Rengarajan, Head of Securities Services for Asia Pacific and the Middle East and Global Sales at Deutsche Bank, emphasized the urgency of adopting innovative technologies. He stated, "Blockchain is crucial for helping us remain competitive as margin compression affects the financial services industry."

According to Rengarajan, blockchain and smart contract-based solutions can significantly reduce costs, shorten transaction times, and minimize risks.

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