In a recent groundbreaking development that marks a milestone for the crypto-world, the blockchain platform known as Avalanche (AVAX) announced a confluence with Australia and New Zealand Banking Group (ANZ), and Chainlink (LINK) Labs. This trio collaboration aims to delve into the uncharted territory of digital assets on-chain and explore their potential for worldwide movement and settlement.
Their unique strategy leans heavily on Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to establish a bridge between Avalanche and Ethereum (ETH) blockchains. Through this, they are betting on a seamless delivery versus payment (DvP) settlement of tokenized assets, disseminated across networks in an array of global currencies.
ANZ, an esteemed provider of banking products and services, has decided to offer an unconventional perspective on the realm of on-chain digital assets. Boasting a thriving customer base spanning nearly 30 markets, ANZ is experimenting using Chainlink’s CCIP. It is gauging how consumers can access, purchase and bring their tokenized assets to settlement across multiple blocks and currencies via Delivery vs. Payment. The objective of this exploratory venture is to enhance the efficiency of settlement and manage risks involved with digital assets that fall under the purview of ‘securities’ and their corresponding transactions.
Avalanche declared that a major contributor to their venture was Chainlink’s CCIP, as it played an instrumental role in simplifying the convoluted process of circulating tokenized assets across various blockchains. This ensured a flawless, ‘atomic’ cross-chain Delivery vs. Payment settlement.
The triumvirate partnership glimpsed a novel transaction scenario. A customer using ANZ’s Digital Asset Services (DAS) portal purchased tokenized ANZ-issued New Zealand dollar stablecoins (NZ$DC) on Avalanche. Following this, the customer then bought tokenized Australian nature-based assets, issued as non-fungible tokens (NFTs), denoted in tokenized ANZ-issued Australian dollar stablecoins (A$DC), on Ethereum. In this transaction, ANZ eased the foreign exchange conversion between the two currencies. Meanwhile, the CCIP catered to the essential framework to transfer tokens and data between Ethereum and Avalanche.
While Avalanche’s Evergreen Subnet served as the backbone of this project, what further intrigued the followers was ANZ’s use of the subnet due to its Ethereum Virtual Machine (EVM) compatibility, permissioning and custom gas token features. The Evergreen Subnet enabled ANZ to experiment with new use cases and conceive unique business models using customizable networks akin to Avalanche.
The innovative coalition of ANZ, Chainlink, and Avalanche demonstrates how tradition-oriented financial institutions are embracing and incorporating the blockchain technology to magnify the efficacy of capital markets.
Avalanche unveiled that the trial transactions’ resulting feedback was optimistic and this venture could revolutionize the financial services industry’s approach towards tokenized assets. The future steps embody integrating the solution on blockchain mainnets and expanding workflows to accommodate communication between diverse blockchain networks catering to distinct use cases.
In the wake of this collaboration announcement, AVAX’s token has seen a significant upsurge. The token, currently trading at $58.31, has experienced a staggering 60% increase over the past 30 days. In the last 24 hours alone, the AVAX token price saw an impressive 9% hike, soaring past the $55 resistance level. This rally could lead to a consolidation period between $55 and $60, given that the $60 bracket poses another challenge.
Adding to the burgeoning interest, the commodity’s daily trading volume has reached a whopping $1,135,122,192 within the last 24 hours alone, an impressive 127.20% surge compared to the previous day’s figures.
Be the first to comment