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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 is built on the UBS Gold Network, a permissioned blockchain connecting vaults, liquidity providers, and distributors.”
ZKsync says that UBS deploying smart contracts on its testnet Validium was a success.
As stated by ZKsync co-founder Alex Gluchowski,
“This PoC reflects UBS’ continued efforts to explore how blockchain can enhance its financial offerings and support its broader digital asset strategy. I firmly believe that the future of finance will take place on-chain and ZK technology will be the catalyst for growth.
This PoC is a testament to the fact that ZKsync is the ideal home for tokenized assets, building Web3 without compromise. We’re excited to play an integral role in the continued evolution of the space.”
ZK is trading for $0.142 at time of writing, a 6.8% decrease on the day.
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