Switzerland’s Largest Bank Tests Tokenized Gold Product on Ethereum Layer-2 ZKsync
Union Bank of Switzerland (UBS), the largest bank in Switzerland, is testing a tokenized gold product on Ethereum (ETH) layer-2 scaling solution ZKsync (ZK). In a new thread on the social media platform X, the developers behind ZKsync say that UBS is testing out its tokenized gold investment products on the blockchain as a means of improving functionality for global use. The product – UBS Key4 Gold, which allows users to buy and sell units of gold on-chain – is now being tested on the layer-2 network, according to its developers. “UBS, Switzerland’s largest bank, is modernizing digital gold investments on ZKsync. In a PoC (proof of concept) for UBS Gold, they tested ZKsync Validium. The goal: To address scalability, privacy, and interoperability for global expansion… UBS Key4 Gold allows for fractional gold investments for retail clients and includes real-time pricing, deep liquidity, secure physical storage, and optional delivery. UBS Key4 Gold...