Former Fidelity International Digital Assets Executive Joins Advisory Board of Ethereum L2 Layer N

Layer N, a roll-up network designed to scale financial applications on Ethereum, announced today the appointment of Hong Kong-based former Fidelity International executive Luc Froehlich to its advisory board.

Layer N is an Ethereum StateNet, a network of specialized rollups optimized for the financial ecosystem aimed at onboarding institutional liquidity.

Read more: What Are Rollups? ZK Rollups and Optimistic Rollups Explained

Before joining Layer N, Froehlich led Fidelity International's foray into cryptocurrencies and tokenized assets as global head of digital asset solutions for seven years.

In an email interview with CoinDesk, Froehlich said that he's joining the protocol's advisory board because Layer N's architecture addresses the core challenge of fragmentation in financial technologies.

"By introducing a network of customizable virtual machines that can communicate and share liquidity seamlessly, Layer N overcomes the often siloed operation of traditional systems," he said.

Layer N's use of zero-knowledge proofs (zk) addresses traditional finance's need for confidentiality in transactions by enabling verification without revealing the transaction's content, thus meeting regulatory and competitive requirements, he explained in the interview.

"Blockchain technology is now ripe to seriously challenge the aging infrastructure underlying TradFi," he said.

Recently, Layer N announced its entry into the Asian market through a strategic investment from BlackPine and a partnership with VSFG, aiming to expand its Web3 offerings in the region.

Read more: What Are Zero-Knowledge Proofs?

UPDATE (Feb. 21, 21:22 UTC): Clarifies that Froehlich worked for Fidelity International, not Fidelity.