UBS provides Swiss retail and wealth clients with the opportunity to invest in fractional gold through its UBS key4 gold product. This offering is managed via a permissioned blockchain known as the UBS Gold Network. Now, the bank is looking to broaden access beyond Switzerland by conducting a proof of concept (PoC) utilizing ZKsync, an Ethereum layer 2 solution. The purpose of this initiative was to assess the scalability, privacy, and interoperability capabilities of ZKsync. “While tokenized securities have significant potential to offer innovative solutions for our clients, scalability, privacy, and interoperability are challenges that need addressing, ” stated Christoph Puhr, Digital Assets Lead for UBS Group. “Our PoC with ZKsync showcased that Layer 2 networks and ZK technology could provide viable solutions to these issues. ” The information originated from ZKsync, but we had yet to receive direct confirmation from UBS by the time of publication. UBS has been engaged with Ethereum technologies for a considerable period. A year ago, it issued a tokenized warrant on the public Ethereum blockchain to OSL, the Hong Kong exchange operator.
Toward the end of the year, it introduced the UBS USD Money Market Investment Fund Token (uMint), also on Ethereum. This Singapore-based fund is available only through authorized distributors, starting with DigiFT. In the meantime, numerous offerings of tokenized gold have emerged from both the crypto sector and institutional players. While HSBC attracted notable attention by making tokenized gold accessible to retail clients in Hong Kong, firms like Japan’s Mitsui had already been providing similar products. Furthermore, blockchain technology is being utilized for various wholesale gold initiatives, including a trial by Euroclear and activities within the London Bullion Market.
UBS Expands Access to Fractional Gold Investment with ZKsync Proof of Concept
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