UBS Completes Proof-of-Concept for Key4 Gold on ZKsync Layer-2
UBS has completed a proof-of-concept for its UBS Key4 Gold offering on the Ethereum layer-2 network ZKsync. Key points include:
- The simulation took place on ZKsync's test network, indicating renewed interest in blockchain technology by traditional financial institutions.
- UBS previously launched a tokenized money market investment fund, uMint, also based on Ethereum.
- Key4 Gold allows Swiss clients to invest fractionally in physical gold with real-time pricing and secure storage options.
- The project aims to scale while maintaining privacy, leading to the choice of zero-knowledge solutions.
- ZKsync uses zero-knowledge rollups to enhance transaction speed and reduce fees.
- There is no confirmation if UBS will develop its own layer-2 technology; discussions continue on potential use cases.
- Deutsche Bank has also expressed intentions to utilize ZKsync’s technology for its products.