Swiss banking giant UBS has completed a proof-of-concept using the Ethereum layer-2 network ZKsync to explore scaling its 'UBS Key4 Gold' program, which allows Swiss clients to invest in physical gold. The experiment aimed to find ways to increase the program's capacity while maintaining user privacy.
The Swiss banking giant, which has been experimenting with blockchain, tapped the layer-2 firm to test whether it could scale its current Key4 Gold program.UBS completed a proof-of-concept of its "UBS Key4 Gold" offering on the Ethereum layer-2 network ZKsync.
The aim of the experiment was to look for ways to scale its gold offering while preserving its privacy. The simulation, which was conducted on a ZKsync test network, is a sign of renewed interest in blockchain technology among traditional financial institutions. This isn’t UBS’ first experiment with blockchain. The bank previously launched a tokenizedUBS’ Key4 Gold is one of the bank's offerings that lets its Swiss clients purchase a direct claim to physical gold.
Technology BLOCKCHAIN LAYER-2 Zksync ETHEREUM FINANCE
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