ANZ Bank Adopts Chainlink’s Cross-Chain Interoperability Protocol (CCIP)
Australia’s ANZ Bank, one of the “Big Four” banks, has implemented Chainlink’s cross-chain interoperability protocol (CCIP) to facilitate tokenized asset purchases. This move enables ANZ to transfer funds across both public and private blockchain networks, furthering its efforts to assess the integration of real-world assets on-chain. The decision to adopt Chainlink’s protocol was influenced by insights gained from the Swift blockchain interoperability project initiated in June.
The collaboration between global banks and the Society for Worldwide Interbank Financial Telecommunication aims to explore the boundaries of blockchain interoperability, creating a unified gateway for financial institutions worldwide. BNP Paribas, BNY Mellon, Citi, Clearstream, Euroclear, Lloyds Banking Group, SIX Digital Exchange (SDX), The Depository Trust and Clearing Corporation (DTCC), and ANZ are among the participants in this initiative.
Chainlink Spearheading Efforts for Banks and Cryptocurrency Sector
Chainlink plays a crucial role in bridging banks and the cryptocurrency sector. Its offering functions as a universal messaging interface through its Oracle network, enabling communication between different chains. The CCIP operates through two Oracle networks: one for transmitting messages and transferring value, and another for monitoring transaction safety.
Nigel Dobson, ANZ’s banking services portfolio lead, emphasizes the importance of connecting existing blockchain networks for widespread adoption. He highlights that the current on-chain financial operating model is fragmented with siloed assets and services across different blockchains.
Digital Assets Gaining Traction in Australian Banks
In addition to ANZ Bank’s adoption of CCIP, other Australian banks are also exploring decentralized networks and stablecoins. National Australia Bank (NAB) launched the AUDN stablecoin on the Ethereum network, while the Commonwealth Bank of Australia (CBA) has taken a more cautious approach, pausing the release of a crypto services app to gather customer feedback and await regulatory clarity.
Hot Take: ANZ Bank Advances Blockchain Interoperability with Chainlink’s CCIP
ANZ Bank’s adoption of Chainlink’s cross-chain interoperability protocol (CCIP) marks a significant step in advancing blockchain interoperability and tokenized asset purchases. By leveraging Chainlink’s protocol, ANZ enhances its ability to transfer funds across different blockchain networks, facilitating the integration of real-world assets on-chain. This move aligns with a collaborative project involving global banks and the Society for Worldwide Interbank Financial Telecommunication to create a unified gateway for financial institutions worldwide.
Chainlink’s role in bridging banks and the cryptocurrency sector demonstrates its commitment to exploring a symbiotic relationship between the two industries. As digital assets gain traction among Australian banks, ANZ’s adoption of CCIP showcases its forward-thinking approach to embracing decentralized networks and stablecoins. This development highlights the potential for increased adoption of blockchain technology in traditional banking systems.
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