April 19, 2024
Latest Cryptocurrency News

ANZ and Chainlink Collaborate to Bridge Avalanche and Ethereum Blockchains

The Australia and New Zealand Banking Group (ANZ) has teamed up with Chainlink Labs to reveal revolutionary results from their recent partnership. The project attempted to bridge the gap between the Avalanche and Ethereum blockchain networks, allowing for on-chain settlement options.

Facilitating Seamless Asset Settlement

Utilizing Chainlink’s cross-chain interoperability protocol (CCIP), ANZ showcased how clients could access, trade, and settle tokenized assets seamlessly across different blockchain networks and currencies. The interoperability solution enabled ANZ to simulate asset purchases on Ethereum and settle them on Avalanche, demonstrating a revolutionary approach to asset settlement.

Modernizing Delivery vs. Payment Processes

The concept of “Delivery vs. Payment (DvP)”, a standard settlement system for securities transactions, is central to this initiative. ANZ’s tokenization of assets and payments on the same blockchain infrastructure provides the path for upgrading traditional DvP operations while ensuring atomic, non-intermediate settlement.

Lee Ross, ANZ’s technology domain lead, emphasized the importance of Chainlink’s CCIP in simplifying cross-chain asset transfers.

“Chainlink’s CCIP played a key role in abstracting away the blockchain complexity of moving tokenized assets across different chains and ensuring atomic cross-chain DvP.”

Statement from Lee Ross

Pioneering Blockchain-Enabled Asset Settlement

This collaboration marks a significant milestone in the convergence of traditional finance and decentralized finance (DeFi) within the tokenized asset ecosystem. With a customer utilizing ANZ’s digital asset services portal to transact with tokenized assets, ANZ demonstrates its commitment to exploring blockchain’s potential in enhancing financial services.

As the project progresses, ANZ aims to deploy the solution on blockchain mainnets, ushering in a new era of blockchain-enabled asset settlement. This move aligns with ANZ’s vision of leveraging blockchain, smart contracts, and tokenization to enhance the global financial system’s infrastructure.

ANZ’s collaboration with Chainlink and Avalanche underscores the growing trend of mainstream financial institutions embracing blockchain technology for asset settlement. This follows similar initiatives in the industry, such as Citigroup’s partnership with Ava Labs to tokenize private equity funds via the Avalanche blockchain, signaling a paradigm shift towards blockchain-driven financial services.

Image by Gerd Altmann from Pixabay

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