Switzerland's largest bank UBS is experimenting with blockchain technology to improve trading capabilities for retail investors.
The bank, which manages more than $5,7 trillion in assets, has completed a three-month test of ZKsync, a blockchain L2 network. Ethereum , to trade its gold-based investment product UBS Key4 Gold.
By using blockchain, UBS will be able to “ensure scalability, privacy and interoperability for global adoption of its retail product,” the bank said.
UBS Key4 Gold was originally built on the UBS Gold Network, a permissioned blockchain that connects storage, liquidity providers, and distributors. However, the use of ZKsync will provide the ability to improve privacy, interoperability, and transaction throughput by storing data off-chain.
I firmly believe that the future of finance will be blockchain-based, and ZK technology will be a catalyst for growth, he said. Founder of ZKsync Alex Glukhovsky in response to the news that testing has ended.
He also said that ZKsync developers have set ambitious goals for 2025. They want the network speed to increase to 10 transactions per second (TPS) and fees to be reduced to $000.
