Australia’s banking powerhouse, ANZ, has teamed up with Chainlink Labs to accomplish a breakthrough in cross-chain settlement, as revealed in a recent blog announcement by Avalanche on March 25th.
The collaboration between ANZ, serving millions of retail and institutional clients across numerous markets, and Chainlink Labs, a leading provider of decentralized oracle networks, aimed to establish seamless connectivity between different blockchains, particularly Avalanche and Ethereum, to streamline the global transfer and settlement of tokenized assets.
During the pilot phase, ANZ showcased the integration of Chainlink’s solution to enable clients to access, trade, and settle tokenized assets across disparate networks. In a simulated scenario, ANZ demonstrated the purchase of tokenized assets on Ethereum, denominated in one stablecoin, with transaction initiation and settlement executed on Avalanche in another stablecoin. This innovative approach underscores the potential for interoperability between blockchain networks to enhance financial transactions.
The utilization of Avalanche’s Evergreen Subnet, with its Ethereum Virtual Machine (EVM) compatibility and tailored features, facilitated seamless transactions for ANZ. Anurag Soin, the product lead for digital added services at ANZ, emphasized the significance of this achievement, stating, “Avalanche’s Evergreen Subnets have allowed ANZ to explore new use cases and business models while leveraging customizable networks like Avalanche.”
The market responded positively to the news, with Avalanche’s native token, AVAX, experiencing an 8% surge to $58.6, according to data from CoinMarketCap. Moving forward, the next phase of the pilot will involve deploying the solution on blockchain mainnets and expanding workflows to enable communication between blockchain networks for a broader range of use cases. This milestone underscores the growing momentum towards cross-chain interoperability and innovation within the blockchain ecosystem.
