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Swiss-based major bank UBS announced the completion of its proof of concept for the Key4 Gold service built on the Ethereum 
$3,324-based ZKsync layer-2 network. This development signifies the bank’s growing commitment to leveraging blockchain technology for innovative financial solutions.
Renewed Interest in Blockchain
The simulations conducted on the ZKsync test network are interpreted as a sign of renewed interest from traditional financial institutions in blockchain technology. Previously, UBS launched a tokenized money market investment fund, uMint, built on Ethereum.
The Key4 Gold service allows Swiss clients to directly own physical gold. This service enables bulk gold investments through features such as real-time pricing, deep liquidity, secure physical storage, and optional physical delivery.
Privacy and Scalability
While the project operates on UBS’s private blockchain, the team explored ways to maintain privacy while enhancing scalability. Pearl Imbach, S…
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