The Swiss banking giant UBS is testing the ZKSYNC network to advance its blockchain operations. UBS does it by implementing its Key4 Gold platform.
The experience aims to study blockchain systems, which focus on improving security in gold investments and improving confidentiality. Let’s find out more about this collaboration with Zksync.
Why UBS chose Zksync for Key4 Gold
Gold remains the preferred investment for investors, but UBS is looking for improvements fueled by blockchain. UBS has not selected ZKSYNC impulsively. The banking organization needed a system to manage many transactions. He also had to protect user data. Here is Why Zksync stood out:
- Scalability:: Zksync Validium mode makes it possible to treat UBS transactions quickly. He does so by storing certain data outside chain, reducing congestion on Ethereum.
- Security and confidentiality:: It guarantees that transactions remain secure while keeping private personal details.
- Efficiency:: The system allows the creation of gold tokens, which facilitates the monitoring and transfer of property.
.@UBSThe largest bank in Switzerland, modernizes digital gold investments @Zksync.
In a POC for UBS Gold, they tested Zksync validium. The objective: to approach scalability, confidentiality and interoperability for global expansion.
Let’s dive into
pic.twitter.com/4sw2xofrls
– ZKSYNC (∎, ∆) (@zksync) January 31, 2025
UBS carried out tests by activating real intelligent contracts which symbolized gold trading operations. They then carried out real transactions to check the system first -hand performance. A successful implementation would improve the way in which investors buy gold. He will also open the door to fractional property investments for retail users.
What it means for gold investors
The Key4 Gold of UBS platform aims to extend easy access to gold investment combined with flexible use options. Key4 Gold will offer investors several new features once implemented.
- Traders can access live updates to gold prices movements for better investment choices.
- Unlimited transactions without slow processing times.
- Secure storage with the option for the delivery of physical gold if necessary.
The ZKSYNC system connects banks to vaults and liquidity suppliers. It works on a blockchain network centered on the user and includes authorization controls for more security. Users who invest in gold can now benefit from secure investment processes.
In proof of concept, UBS has deployed intelligent contracts on a ZKSYNC validium test test to simulate the UBS gold network and reply key functions as
→ Gold tokens show
→ Transactions treatment
→ ReconciliationThe successful POC has shown that the Zksync validium mode was…
– ZKSYNC (∎, ∆) (@zksync) January 31, 2025
Christoph Puhr, UBS Digital assets lead, have highlighted a major challenge in digital finance: the scaling of blockchain solutions is difficult. At the same time, transactions must remain private and effective. This test proves that layer 2 networks like Zksync can solve these problems.
Non-liability clause
The information discussed by Altcoin Buzz is not financial advice. This is only for educational, entertainment and information purposes. All information or strategies are relevant thoughts and opinions for the accepted risk tolerance levels of the writer / examiners and their risk tolerance may be different from yours. We are not responsible for the losses that you may suffer because of any investment directly or indirectly linked to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please make your reasonable diligence. Copyright Altcoin Buzz Pte Ltd.
The post UBS tests Key4 Gold on Zksync d’Ethereum appeared first on Altcoin Buzz.
