BitGo and ZKsync Collaborate on Bank Deposit Tokenization

BitGo, a digital asset infrastructure company, has formed a partnership with ZKsync, an Ethereum Layer 2 scaling protocol, to create fiat tokenization infrastructure for banks.

This initiative will provide regulatory-compliant and institutional-grade settlements that leverage the benefits of blockchain technology, including 24/7 availability, instant settlements, security, and privacy.

BitGo brings its expertise in multi-sig wallet technology, which has improved security and encouraged institutional adoption. The new infrastructure aims to address the need for banks to tokenize fiat deposits for faster settlements and new financial products.