UBS tests blockchain for gold trading
Date: 2025-02-03 Author: Gabriel Deangelo Categories: BLOCKCHAIN
The experiment took place on the zkSync second-level network, allowing for the optimization of transactions with physical gold. The financial institution intends to use innovative technologies to simplify investments in precious metals and increase their security.
With Key4 Gold, clients are able to buy and sell gold through a mobile application. Stored in secure UBS depositories, the metal is available to investors with instant price updates, high liquidity, and reliable asset protection. There is also an option for physical delivery of gold upon request.
The zkSync blockchain is based on zk-Rollups technology, which significantly speeds up transactions and reduces fees. In addition, this technology ensures data privacy by hiding user information, which is especially important for large investors.
During the testing, UBS studied the possibilities of gold tokenization, checking key processes - the issuance of digital tokens, transaction processing, and liquidity management. The experiment confirmed that zkSync can effectively support digital asset transactions and scale them without losing performance.
The bank's representatives believe that the use of blockchain and second-level solutions can significantly improve the efficiency of financial transactions. These technologies can reduce costs, speed up transaction processing and increase process transparency. Testing has shown that zkSync is capable of solving such problems.
UBS continues to explore the potential of blockchain and plans to implement advanced technologies in its financial products. In the long term, the bank intends to expand the use of digital tools for asset management and make gold investments even more accessible and convenient for clients.
