Matter Labs launches Prividium Connect, a cross-chain private transaction product for institutions.

Matter Labs, the developer of ZKsync, has launched Prividium Connect, a cross-chain private transaction product for institutions, which is now available on the mainnet. Based on ZKsync's open-source atomic interoperability protocol, it allows banks and asset management institutions to exchange assets without trusted intermediaries. Transactions are verified using zero-knowledge proofs, ensuring that two transfers either complete simultaneously or both fail, with assets retrievable after a timeout. Prividium Connect initially supports Hyperledger Besu and Prividium Ledger, applicable to securities delivery versus payment, repurchase agreements, and fund subscriptions and redemptions. Institutions can keep balances, holdings, and customer data within their own systems and decide for themselves which information to disclose to auditors and regulatory agencies. Matter Labs proposes deploying an official version on a public blockchain, converting cross-chain transaction fees into ZK tokens and distributing them according to governance decisions. The relevant fee switch has been developed and is currently under audit; its activation, integration, and fee parameters require governance approval.