ANZ and Chainlink Jointly Pilot Blockchain-Enabled Asset Settlement Across Networks
Summary:
ANZ and Chainlink Labs have connected the Avalanche and Ethereum blockchain networks for on-chain settlement solutions using Chainlink's CCIP. The collaboration demonstrated the ability to trade and settle tokenized assets over different networks and currencies rapidly. Simulating a transaction, an ANZ customer used the bank's DAS portal to obtain an ANZ-issued New Zealand dollar stablecoin via Avalanche, then purchased Australian nature-based assets on the Ethereum network. The partnership is expected to create a new era of blockchain-enabled asset settlement in the financial industry.
A collaborative effort between the Australia and New Zealand Banking Group (ANZ) and Chainlink Labs has yielded the connection of the Avalanche and Ethereum blockchain networks. The goal of the collaboration was to provide on-chain settlement solutions. Through the use of Chainlink's cross-chain interoperability protocol (CCIP), ANZ has demonstrated the ability for clients to trade and settle tokenized assets over different networks and currencies swiftly.
The operation of the CCIP offered the possibility for ANZ to purchase tokenized assets on the Ethereum network using one stablecoin, while initiating and settling the transaction on Avalanche using a separate stablecoin. This operation encapsulated the “Delivery vs. Payment (DvP)” concept which is a standard protocol for securities transactions settlements. By placing assets and payments on the same blockchain infrastructure, ANZ might revolutionize traditional DvP operations and guarantee non-intermediated, atomic settlements.
Lee Ross, ANZ's technology domain lead, praised Chainlink’s CCIP for simplifying the process of moving tokenized assets between different chains, ensuring atomic cross-chain DvP.
In this particular demonstration, an ANZ customer used the bank's digital asset services (DAS) portal to acquire a tokenized ANZ-issued New Zealand dollar stablecoin (NZ$DC) through Avalanche. The customer then purchased tokenized Australian nature-based assets, represented as NFTs and priced in tokenized ANZ-issued Australian dollar stablecoins (A$DC) on the Ethereum network.
The announcement noted that ANZ utilized its own Avalanche Evergreen Subnet for its Ethereum virtual machine (EVM) compatibility, permissioning, and customized gas token.
Anurag Soin, ANZ's product lead of digital added services, expressed anticipation towards further exploring how blockchain, smart contracts, and tokenization can advance the global financial system's framework.
ANZ's alignment with Chainlink and Avalanche symbolizes the ongoing melding of traditional finance and decentralized finance (DeFi). Serving over 8.5 million retail and institutional consumers across nearly 30 markets, ANZ will continue to utilize and develop this solution over blockchain mainnets to forge a new age of blockchain-enabled asset settlement within the financial services sector.
Earlier this year, another financial giant, Citigroup, partnered with Ava Labs, the creator of the Avalanche network, successfully completing a proof-of-concept for the tokenization of private equity funds via the Avalanche blockchain.
Published At
3/25/2024 4:21:13 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.