ANZ, Australia's banking giant, has successfully executed a cross-chain settlement of tokenized assets on the Avalanche network in collaboration with Chainlink Labs. The pilot project demonstrated the seamless transfer and settlement of tokenized assets between Ethereum and Avalanche, paving the way for broader adoption of cross-chain interoperability in the banking sector.
Australian Banking Giant ANZ Partners with Chainlink Labs for Cross-Chain Settlement of Tokenized Assets
Sydney, Australia - Australia's leading banking institution, ANZ, has collaborated with blockchain technology provider Chainlink Labs to successfully execute a cross-chain settlement of tokenized assets on the Avalanche network. The groundbreaking achievement represents a significant milestone in the interoperability of blockchain networks, enabling the seamless transfer and settlement of digital assets across different platforms.
In a joint announcement on March 25, Avalanche disclosed that the Australia and New Zealand Banking Group (ANZ) and Chainlink Labs had forged a strategic alliance to integrate blockchain networks, particularly Avalanche and Ethereum, to facilitate the global movement and settlement of tokenized assets.
ANZ, a financial behemoth serving over 8.5 million retail and institutional clients across nearly 30 markets, employed Chainlink's robust solution to demonstrate the accessibility, tradeability, and settlement of tokenized assets across disparate networks.
During the pilot phase, ANZ simulated the acquisition of tokenized assets on Ethereum, utilizing one stablecoin for pricing, with transaction initiation and settlement occurring on Avalanche in another stablecoin. Notably, ANZ deployed its bespoke Avalanche Evergreen Subnet, capitalizing on its Ethereum Virtual Machine (EVM) compatibility and customizable attributes to execute transactions.
"Avalanche's Evergreen Subnets have empowered ANZ to join the growing cohort of institutions exploring innovative use cases and business models while leveraging customizable networks like Avalanche," asserted Anurag Soin, Product Lead for Digital Added Services at ANZ.
The announcement was met with immediate enthusiasm, with Avalanche's native token, AVAX, experiencing an 8% surge to $58.6 within minutes, as reported by CoinMarketCap. Avalanche further indicated that the subsequent phase of the pilot will entail the deployment of the solution on blockchain mainnets, incorporating expanded workflows that enable communication between blockchain networks for diverse use cases.
This groundbreaking initiative by ANZ and Chainlink Labs is a testament to the burgeoning capabilities of blockchain technology in revolutionizing global finance. By bridging the gap between different blockchain networks, the partnership unlocks new possibilities for the seamless transfer and settlement of tokenized assets, paving the way for greater efficiency, transparency, and innovation in the financial sector.
