EddieJayonCrypto

 3 Feb 25

tl;dr

UBS, the largest bank in Switzerland, is testing a tokenized gold product called UBS Key4 Gold on Ethereum's layer-2 scaling solution ZKsync. This initiative aims to enhance functionality for global use and address scalability, privacy, and interoperability. The product allows users to buy and sell ...

UBS, the largest bank in Switzerland, is testing a tokenized gold product called UBS Key4 Gold on Ethereum's layer-2 scaling solution ZKsync. This initiative aims to enhance functionality for global use and address scalability, privacy, and interoperability. The product allows users to buy and sell units of gold on-chain and is being tested on the layer-2 network.

UBS deployed smart contracts on ZKsync's testnet Validium, and the success of this Proof of Concept (PoC) reflects UBS' ongoing exploration of blockchain's potential in enhancing its financial offerings and digital asset strategy. ZKsync co-founder Alex Gluchowski believes that ZK technology will drive the future of finance and sees ZKsync as the ideal platform for tokenized assets. ZK is currently trading at $0.142, reflecting a 6.8% decrease on the day.

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