The ANZ Banking Group of Australia and New Zealand has introduced an updated Avalanche (AVAX) feature.
Tokenization and settlement have both worked well with Avalanche.
AVAX has shown a positive bias toward the fundamental news and is currently experiencing a bullish rampage.
The Australia and New Zealand Banking Group (ANZ) and Chainlink reveal the outcomes of their project connecting Avalanche (AVAX) and Ethereum for global asset settlement.
Investigating Interoperability Between Chains
ANZ and Chainlink recently announced partnership results, including collaboration with the Cross-Chain Interoperability Protocol (CCIP) to facilitate the settlement of tokenized assets across various blockchain networks, unveiled on X platform.
The banking group and Chainlink are collaborating to demonstrate how Delivery vs. Payment (DvP) can facilitate tokenized assets’ access, trading, and settlement across different networks and currencies.
The goal was to demonstrate, in a testnet environment using @chainlink‘s Cross-Chain Interoperability Protocol (CCIP), how clients could access, trade, and seamlessly settle tokenized assets across different networks, in different currencies.
— Avalanche 🔺 (@avax) March 18, 2024
This on-chain replication of a settlement method standard in legacy trading systems exemplifies how blockchain technology can modernize antiquated systems.
Two noteworthy results were observed when the technique was tested in a testnet setting. At first, ANZ customers used Avalanche to purchase NZ$DC, a tokenized form of the New Zealand dollar stablecoin that ANZ had released through the Digital Asset Services platform.
Customers then acquired NFTs, or tokenized assets reflecting Australia’s natural resources, valued in A$DC, ANZ’s tokenized Australian dollar stablecoin, which occurred on the Ethereum network.
Last year, Avalanche saw a surge in value due to a cooperation with Amazon Web Services (AWS). This partnership intends to increase the use of blockchain technology by businesses, organizations, and governments, strengthening the network and making it more adaptable for developers. Market watchers can’t wait to see how this new partnership affects sentiment.
Making use of Subnet Technology by AVAX
Anurag Soin, ANZ’s Product Lead for Digital Added Services, highlighted how Avalanche’s Evergreen Subnets enable institutions like ANZ to investigate new business opportunities and applications. The flexible structure of Avalanche’s networks primarily enabled this cross-chain settlement initiative.
According to analysts, if the ANZ attempt is booming, Avalanche’s tokenization and Decentralized Finance (DeFi) ecosystem will develop. ANZ and Chainlink will likely expand their processes to enable communication among blockchain networks for varied use cases, while the next step focuses on delivering the solution on the mainnet.
Avalanche, meantime, has seen a 22% weekly climb and is expected to reach $71 before the end of the year. At $62.91 after a 13% increase in the past 24 hours, Avalanche traders are demonstrating confidence in the currency due to its increasing flexibility in the TradFi scenario.
