The Australia and New Zealand Banking Group (ANZ) and Chainlink Collaborate to Bridge the Gap Between Avalanche and Ethereum
The Australia and New Zealand Banking Group (ANZ) has partnered with Chainlink to explore cross-chain interoperability between the Avalanche and Ethereum networks. The collaboration aims to demonstrate the possibility of settling tokenized assets across different blockchain networks using the Cross-Chain Interoperability Protocol (CCIP) developed by Chainlink.
The initiative focuses on utilizing Delivery vs. Payment (DvP) to facilitate the settlement of tokenized assets across various networks and currencies. By replicating the traditional settlement method on-chain, ANZ and Chainlink aim to showcase the potential of blockchain technology to upgrade outdated infrastructure.
Testnet Results
When subjected to a testnet environment, two significant outcomes emerged from the collaboration between ANZ and Chainlink:
- ANZ clients were able to acquire tokenized ANZ-issued New Zealand dollar stablecoin (NZ$DC) on Avalanche through the bank’s Digital Asset Services platform.
- Customers obtained tokenized assets representing Australian natural resources in the form of Non-Fungible Tokens (NFTs) on the Ethereum network. These assets were valued in tokenized Australian dollar stablecoin (A$DC) issued by ANZ.
Avalanche’s Evergreen Subnets
Anurag Soin, Product Lead for Digital Added Services at ANZ, highlighted the importance of Avalanche’s Evergreen Subnets in empowering institutions like ANZ to explore novel applications and commercial strategies. The adaptable structure of Avalanche’s networks played a crucial role in facilitating the implementation of this cross-chain settlement endeavor.
Growth in Tokenization and DeFi Ecosystem
The success of the ANZ and Chainlink initiative is expected to drive growth in the tokenization and Decentralized Finance (DeFi) ecosystem within Avalanche. As the next phase of the project focuses on deploying the solution on mainnet, ANZ and Chainlink are likely to expand their workflows to facilitate communication among blockchain networks for diverse use cases.
Avalanche’s Market Performance
Avalanche has experienced a weekly surge of 22% and is predicted to reach $71 by the end of this year. Currently priced at $62.91 with a 24-hour surge of 13%, Avalanche traders are showing confidence in the coin due to its growing adaptability in traditional financial settings.
Hot Take: The Future of Cross-Chain Interoperability
The collaboration between ANZ and Chainlink to bridge the gap between Avalanche and Ethereum marks an important milestone in achieving cross-chain interoperability. By showcasing the successful settlement of tokenized assets across different blockchain networks, this initiative paves the way for greater integration and connectivity in the crypto space.
As more financial institutions and blockchain projects explore cross-chain solutions, the potential for seamless asset transfer and interoperability becomes increasingly tangible. This collaboration sets a precedent for future endeavors that aim to bridge gaps between disparate blockchain networks, ultimately enhancing efficiency, accessibility, and innovation in the crypto ecosystem.
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