Global banking giant Deutsche Bank has announced the development of a layer-2 rollup network using ZKsync technology on Ethereum. Omar Azhar, Head of Business Development at Matter Labs, stated that this network will have a “public permissioned” structure. In this model, transactions on the network will be visible to everyone, but only authorized participants will be able to execute specific operations.
Memento Blockchain, one of the project’s partners, revealed that the network is currently in its testnet phase and is being built using ZKsync-based ZK Stack technology. ZK Stack is a customizable toolkit that allows developers to create private blockchain networks with ease. Deutsche Bank aims to leverage the speed advantages of blockchain technology while adhering to regulatory requirements in the financial sector.
The network provides an environment for banks to experiment with blockchain technology while giving regulators enhanced tools to monitor fund movements in greater detail. This initiative is part of the Dama 2 project, led by Deutsche Bank and included in Project Guardian, a program spearheaded by Singapore’s central bank to explore how major financial institutions can use blockchain technology to tokenize assets.
