Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Swiss financial institution UBS is conducting trials of a Layer 2 solution primarily based on the ZKsync protocol for both institutional and retail investments in tokenized gold.
Switzerland’s largest financial institution, UBS, is exploring blockchain technology within the Ethereum ecosystem to provide its clients with an innovative investment solution for tokenized gold. To achieve this, the bank has tested ZKsync’s Validium scaling technology, which facilitates off-chain data processing while utilizing on-chain proofs to ensure data integrity.
UBS representatives have introduced a pilot investment product, UBS Key4 Gold, implemented using ZKsync technology on the private blockchain network UBS Gold Network, which links vaults, liquidity providers, and distributors. During the launch, a proof of concept (PoC) was successfully completed.
Related Posts
As part of the PoC, smart contracts were deployed on a testnet to replicate essential functionalities, including the issuance of gold-backed tokens, transaction processing, and reconciliation. The results indicated that the solution offers security, scalability, and accessibility for both institutional and retail investors, ensuring privacy, high transaction volume processing, and interoperability.
Specifically, participants will only be able to view their own on-chain activities. The connection to Ethereum’s base layer is established through a smart contract responsible for data verification and enabling the use of stablecoins issued on Ethereum. High throughput is achieved by storing the primary data set off-chain.
It is noteworthy that UBS is actively developing various financial projects utilizing blockchain technology. In November 2024, the bank successfully tested UBS Digital Money, a private blockchain-based payment solution aimed at enhancing transparency, security, and speed in cross-border transactions.
Сообщение UBS Develops Investment Answer for Tokenized Gold появились сначала на CoinsPaid Media.
