Deutsche Bank puts ZKsync in the zeitgeist
The post Deutsche Bank puts ZKsync in the zeitgeist appeared on BitcoinEthereumNews.com.
Bull markets are the time of exciting mainnet launches, airdrops and announcements. After the world’s shortest testnet, Kraken brought forward yesterday the mainnet launch of its Ink L2 rollup — months ahead of schedule. Then, Sophon, a consumer-focused validium L2 on the Avail data availability layer, also launched its mainnet. But the announcement that’s getting ETH bulls excited today? Banking giant Deutsche Bank is planning an L2 deployment on ZKsync’s Elastic Chain stack, Bloomberg reported. “Institutions looking to build onchain are coming to ZKsync for the ability to build in Web3 without compromise. ZKsync offers institutions with a customizable architecture to build tailored solutions that enable privacy, scalability and interoperability with other private and public blockchains,” Alex Gluchowski, co-inventor of ZKsync, told Blockworks. Codenamed Project DAMA 2, Deutsche Bank’s initiative was first announced in early November as part of the Singapore central bank’s Project Guardian. Project Guardian is a global consortium of 27 financial institutions and eight key policymaker groups, focused on nudging financial institutions towards experimentation with asset tokenization and blockchain ledgers. Deutsche’s L2 is a TradFi development, so all the trappings of a TradFi L2 is to be expected. That is to say, it’s a permissioned L2 network that needs to prioritize regulatory compliance over the kinds of financial degeneracy replete elsewhere on public blockchains. Regulators are increasingly coming around to recognizing the merits of blockchain technology, but even the most forward-thinking policymakers aren’t giving up their power in a pinch. Put simply, financial regulators are saying: Go forth and innovate with blockchains, but not to the point where it undermines our political bottom lines, please. As AdrianoFeria.eth put it: “The only pragmatic choices for institutions that require stringent oversight and interoperability are to either run their own private, permissioned layer-1 chains, or to harness Ethereum’s L2 ecosystems.”…
