ZKsync Launches Prividium Connect to Support Cross-Chain Private Transactions

ZKsync developer Matter Labs has launched Prividium Connect, which is now live on the mainnet. This product is based on ZKsync's open-source atomic interoperability protocol, allowing banks and asset management institutions to exchange assets across existing blockchains without the need for trusted intermediaries. Before a transaction, the system verifies whether both parties meet the agreed conditions through zero-knowledge proofs, ensuring that the transfer either completes simultaneously or does not occur at all. If a transaction times out, both parties can retrieve their assets. Prividium Connect initially supports Hyperledger Besu and Prividium Ledger, suitable for securities settlement, repurchase, and fund subscriptions and redemptions. Institutions can retain their balances, positions, and client information within their own systems, deciding independently what information to disclose to auditors and regulators. Matter Labs proposes to deploy an official version on the public chain, converting the cross-chain fees collected into ZK and distributing them according to governance decisions. The related fee switch has been developed and is currently undergoing auditing, with activation, integration, and rate parameters requiring governance approval.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.