Union Bank of Switzerland (UBS), the largest bank in Switzerland, is making strides in the world of digital assets by testing a tokenized gold product on Ethereum’s layer-2 scaling solution ZKsync.
According to a recent announcement on the social media platform X, UBS is exploring the use of blockchain technology to enhance its gold investment products. The bank’s product, UBS Key4 Gold, allows users to buy and sell units of gold on the blockchain, offering features such as real-time pricing, deep liquidity, secure storage, and optional delivery.
The testing of UBS Key4 Gold on ZKsync’s layer-2 network, specifically on the testnet Validium, has been successful. This move signifies UBS’ commitment to leveraging blockchain technology to improve its financial offerings and support its digital asset strategy.
Alex Gluchowski, co-founder of ZKsync, expressed his confidence in the potential of blockchain technology to revolutionize the finance industry. He believes that ZK technology will play a key role in driving growth in the future of finance, emphasizing that ZKsync is the ideal platform for tokenized assets.
At the time of writing, ZK is trading at $0.142, reflecting a 6.8% decrease in value for the day. Despite this, the successful testing of UBS Key4 Gold on ZKsync’s network is a significant step towards modernizing digital gold investments and paving the way for global expansion.
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In conclusion, UBS’ collaboration with ZKsync to test tokenized gold products on the blockchain represents a promising advancement in the digital asset space. With the potential to enhance scalability, privacy, and interoperability, this initiative sets the stage for a new era of digital asset management and investment opportunities.