The Australian financial giant tested Chainlink’s Cross-Chain Interoperability Protocol to facilitate trading of tokenized assets on the Avalanche and Ethereum networks for its customers.
Australia and New Zealand Banking Group (ANZ), Australia’s largest financial conglomerate, used Chainlink’s Cross-Chain Interoperability Protocol (CCIP) solution. The report says the solution enabled ANZ to provide its customers with an option to trade tokenized assets and settle related transactions across public and private blockchains.
More specifically, ANZ tested fast and efficient settlement of transactions with tokenized assets using the DvP scheme. The purchase of Australia’s tokenized nature-based assets in the form of NFTs denominated in Australian dollar-based stablecoins (A$DC) issued by ANZ on Ethereum was simulated. The transaction was settled using stablecoins based on the New Zealand dollar (NZ$DC) issued on the Avalanche network.
Earlier, ANZ used its own stablecoin A$DC to buy Australian carbon credit units in the form of tokens.
The transaction was conducted via the Digital Asset Services (DAS) platform infrastructure, the EVM-compliant Avalanche Evergreen subnet and the CCIP protocol, which enabled fast and efficient data sending and token transfer between the Ethereum and Avalanche networks.
According to Lee Ross, Technology Domain Lead at ANZ, the use of Chainlink’s CCIP allowed the conglomerate to abstract away the complexity of moving tokenized assets across different networks and enable efficient atomic cross-chain DvP settlement. John Wu, President of Ava Labs, said the ANZ initiative indicates the growing interest of TradFi participants in the tokenization and online finance (OnFi) ecosystem.
The CCIP protocol was launched by the Chainlink Labs team in the summer of 2023. The technology is designed to ensure interoperability between various blockchain networks and traditional financial systems. The CCIP functionality was tested by Vodafone to optimize trade data exchange.
