Crypto: UBS Tests ZKSync Layer-2 Tech

UBS Completes Blockchain Simulation on ZKsync Network

• UBS conducted a proof-of-concept for its Key4 Gold offering on the Ethereum layer-2 network ZKsync.
• The simulation was performed on a ZKsync test network, indicating growing interest in blockchain by traditional banks.
• Key4 Gold allows Swiss clients to invest fractionally in physical gold with real-time pricing and secure storage.
• The project is currently on UBS’s private blockchain but seeks scalability and privacy through zero-knowledge technology.
• ZKsync uses zero-knowledge rollups to enhance transaction speed and reduce fees, storing data off-chain with validium technology.

UBS’s successful test of its Key4 Gold offering on the ZKsync network highlights the bank’s continued exploration of blockchain solutions for secure and scalable financial services.