Swiss financial institution UBS is testing a Layer 2 answer primarily based on the ZKsync protocol for institutional and retail investments in tokenized gold.
Switzerland’s largest financial institution UBS is experimenting with blockchain expertise inside the Ethereum ecosystem to supply its purchasers an modern funding answer for tokenized gold. To realize this, the financial institution examined ZKsync’s Validium scaling expertise, which permits off-chain information processing whereas using on-chain proofs to make sure information integrity.
UBS representatives launched a pilot funding product, UBS Key4 Gold, deployed utilizing ZKsync expertise on the personal blockchain community UBS Gold Community, which connects vaults, liquidity suppliers, and distributors. Through the launch, a proof of idea (PoC) was efficiently accomplished.
As a part of the PoC, good contracts have been deployed on a testnet to duplicate key capabilities, together with the issuance of gold-backed tokens, transaction processing, and reconciliation. The outcomes demonstrated that the answer offers safety, scalability, and accessibility for institutional and retail buyers, guaranteeing privateness, excessive transaction quantity processing, and interoperability.
Particularly, members will be capable to view solely their very own on-chain exercise. The connection to Ethereum’s base layer is established by a sensible contract chargeable for information verification and enabling the usage of stablecoins issued on Ethereum. Excessive throughput is achieved by storing the principle information set off-chain.
It’s price noting that UBS is actively growing numerous monetary tasks utilizing blockchain expertise. In November 2024, the financial institution efficiently examined UBS Digital Money, a personal blockchain-based fee answer designed to boost transparency, safety, and velocity in cross-border transactions.
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