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 throughout the Ethereum ecosystem to supply its shoppers an modern funding answer for tokenized gold. To attain this, the financial institution examined ZKsync’s Validium scaling expertise, which permits off-chain knowledge processing whereas using on-chain proofs to make sure knowledge integrity.
UBS representatives launched a pilot funding product, UBS Key4 Gold, deployed utilizing ZKsync expertise on the non-public 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 features, together with the issuance of gold-backed tokens, transaction processing, and reconciliation. The outcomes demonstrated that the answer supplies safety, scalability, and accessibility for institutional and retail buyers, making certain privateness, excessive transaction quantity processing, and interoperability.
Particularly, contributors will be capable of view solely their very own on-chain exercise. The connection to Ethereum’s base layer is established by means of a sensible contract answerable for knowledge verification and enabling the usage of stablecoins issued on Ethereum. Excessive throughput is achieved by storing the primary knowledge set off-chain.
It’s value noting that UBS is actively growing varied monetary initiatives utilizing blockchain expertise. In November 2024, the financial institution efficiently examined UBS Digital Money, a personal blockchain-based cost answer designed to boost transparency, safety, and velocity in cross-border transactions.
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