Blockchain Boosts Gold Investment with UBS Key4 Gold

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by Giorgi Kostiuk

2 years ago

Switzerland's largest bank, UBS, has successfully completed a proof of concept for its new UBS Key4 Gold product utilizing blockchain on ZKsync Validium.

Innovating Gold Investments

UBS, the largest bank in Switzerland, has successfully completed a proof of concept for its fractional gold investment product, UBS Key4 Gold. The project utilizes blockchain on the ZKsync Validium platform, part of the Ethereum network. With $5.7 trillion in assets under management, UBS is at the forefront of integrating blockchain into traditional finance.

How ZKsync Validium Enhances the Platform

Blockchain and ZKsync Validium technology ensure more efficient and secure transactions through off-chain data storage, enhancing both privacy and scalability for the product. UBS originally built Key4 Gold on its UBS Gold Network, a permissioned blockchain linking vaults, liquidity providers, and distributors. The use of ZKsync technology allows for greater transaction throughput and improved data privacy.

Prospects and Future of Blockchain in Finance

UBS offers Key4 Gold as a product that allows retail investors to invest in fractional gold. This initiative increases accessibility to the gold market through secure blockchain transactions. Additionally, around three months ago, UBS launched a tokenized fund on Ethereum as part of its effort to integrate blockchain into traditional financial systems. Looking ahead, ZKsync will soon process up to 10,000 transactions per second by 2025, reducing transaction fees and making it more attractive for blockchain developers.

UBS's innovations in using blockchain for retail gold investments mark a significant step toward integrating modern technology with traditional financial schemes. This opens new horizons for developing financial products and improving their security and privacy.

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