UBS, the Swiss banking giant, is experimenting with the Key4 Gold program on zkSync Validium testnet, setting new standards for real-world asset tokenization on Ethereum-like blockchains.
New Proof of Concept for UBS
According to zkSync, an Ethereum-based L2 scaling network, UBS is conducting a proof of concept for its digital gold investment vehicle on the zkSync testnet. The program aims to streamline fractional investments in precious metals. UBS deployed smart contracts on the zkSync Validium testnet, chosen for its enhanced privacy, efficiency, and interoperability.
Instruments for Securities Tokenization in Web3
Christoph Puhr, Digital Assets Lead for UBS, is hopeful that the prototype and further ZK-powered cases will address key challenges of scalability, privacy, and interoperability. The previous achievements in securities tokenization are seen as significant advancements for the bank's offerings and its digital asset strategy.
UBS's Previous Blockchain Efforts
UBS has prior involvement with blockchain, managing a tokenized money market on the Ethereum network and acquiring 3,600 shares in BlackRock iShares Bitcoin Trust, one of the first Bitcoin ETFs.
UBS continues to explore blockchain technology's potential to enhance its financial offerings, aiming for successful integration of ZK technologies into the global financial system.
