Switzerland’s largest bank, Union Bank of Switzerland (UBS), is currently conducting a test on the tokenized gold product using the Ethereum (ETH) layer-2 scaling solution, ZKsync (ZK).
According to a recent post on the social media platform X, the developers behind ZKsync have revealed that UBS is exploring the use of blockchain technology to enhance the functionality of its tokenized gold investment products for global use.
The product, named UBS Key4 Gold, allows users to purchase and sell units of gold on the blockchain. Currently, it is in the testing phase on the layer-2 network, as confirmed by the developers.
The developers of ZKsync have stated that the deployment of UBS’s smart contracts on its testnet, Validium, has been successful.
ZKsync co-founder, Alex Gluchowski, has expressed his belief that this proof of concept (PoC) demonstrates UBS’s commitment to exploring how blockchain technology can improve its financial offerings and support its digital asset strategy. Gluchowski also believes that the future of finance will be conducted on-chain, with ZK technology acting as a catalyst for growth.
ZK token is currently trading at $0.142, reflecting a 6.8% decrease in value for the day.
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