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BlockNews
Home BREAKING NEWS

ANZ and Chainlink Showcase Cross-Blockchain Settlements in New Collaboration

Matoy by Matoy
March 25, 2024
in BREAKING NEWS, BUSINESS, CRYPTO, DEFI
Reading Time: 2 mins read
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  • ANZ and Chainlink Labs demonstrate asset trading across Avalanche and Ethereum using CCIP for seamless settlements.
  • The initiative explores Delivery vs. Payment mechanisms to modernize and secure transactions without intermediaries.
  • ANZ’s move signifies the merging of traditional finance with DeFi, promising advancements in blockchain-enabled asset settlements.

The Australia and New Zealand Banking Group (ANZ) has teamed up with Chainlink Labs to bridge the gap between the Avalanche and Ethereum blockchain networks, showcasing a groundbreaking approach to on-chain settlement solutions. This partnership leverages Chainlink’s cross-chain interoperability protocol (CCIP) to offer a glimpse into the future of seamless financial transactions across diverse blockchain landscapes.

Innovative Settlement Solutions

In this collaboration, ANZ harnessed the power of CCIP to enact a simulation where tokenized assets were purchased on Ethereum using one form of stablecoin, with the transactions initiated and settled on Avalanche using a different stablecoin. This process underscores the potential for integrating “Delivery vs. Payment” protocols into blockchain transactions, promising more efficient and secure exchanges of assets and payments.

Seamless Cross-Blockchain Transactions

The practical application of this collaboration saw an ANZ customer navigating through the bank’s digital asset service portal to acquire a tokenized version of the New Zealand dollar stablecoin via Avalanche. Following this, the customer proceeded to buy tokenized Australian nature-based assets on the Ethereum network, priced in tokenized Australian dollar stablecoins.

Forward-Looking Collaborations

This venture between ANZ, Chainlink, and Avalanche is a testament to the evolving landscape of financial services, where the boundaries between traditional banking and decentralized finance are increasingly blurring. With an eye on deploying these solutions on blockchain mainnets, ANZ is poised to lead a transformative wave in blockchain-enabled asset settlements, potentially reshaping the financial services industry’s infrastructure.

As traditional financial institutions continue to explore and integrate blockchain technologies, collaborations like these offer promising insights into the future of finance, where transactions are not only more secure and efficient but also universally accessible across multiple blockchain platforms.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: AustraliaAvalanchecrypto
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Matoy

Matoy

If Matoy is not busy looking at the latest Web3 news, he's always in the kitchen cooking delicious meals for his family. He's also a competitive fighting game player and a car enthusiast

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