UBS Tests Gold on the Blockchain

Switzerland’s biggest bank, UBS, is experimenting with a new way to buy and sell gold: using blockchain technology. They’re testing their “UBS Key4 Gold” product on ZKSync, a faster version of the Ethereum blockchain.

Gold Goes Digital

UBS Key4 Gold lets people buy and sell tiny amounts of gold online. It offers real-time pricing, plenty of buyers and sellers, secure storage, and even the option to get your gold delivered. The system uses a private blockchain that connects gold storage facilities, sellers, and buyers.

Why ZKSync?

UBS chose ZKSync because it’s faster and more private than the main Ethereum network. This is important for handling lots of transactions and keeping customer information safe. The test was successful, according to ZKSync.

The Future of Finance?

Alex Gluchowski, a ZKSync co-founder, thinks this is a big step toward a future where more financial services happen on the blockchain. He believes ZKSync’s technology will be key to this growth. The test shows that blockchain can make gold investments more efficient and accessible globally.

(Note: ZKSync’s token was down 6.8% at the time of writing.)
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