Swiss banking giant UBS has completed a proof-of-concept of its UBS Key4 Gold offering using the Ethereum layer-2 network ZKsync. The move highlights a growing interest in blockchain technology among traditional financial institutions. UBS Key4 Gold allows Swiss clients to purchase a direct claim to physical gold with fractional investments, real-time pricing, secure storage, and optional physical delivery. The project already exists on UBS's private blockchain but the team wanted to scale the project while maintaining privacy. ZKsync is a zero-knowledge rollup layer 2 scaling system that aims to increase transaction speed and reduce fees. UBS's adoption of layer-2 technologies may indicate a trend among financial institutions. Deutsche Bank also plans to build a layer-2 using ZKsync's technology.



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