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Chainlink Strings group of banks from Australia and New Zealand – BLOX

Chainlink Strings group of banks from Australia and New Zealand – BLOX

Australia and New Zealand Banking Group (ANZ) has completed a blockchain project in partnership with crypto companies ChainLink Labs and Avalanche. The goal? Financial processing will be faster and more efficient by connecting different blockchain networks.

Chainlink bridges the gap between Ethereum and Avalanche

The project covers networks Avalanche and Ethereum Connected by chainlink. This allowed ANZ to demonstrate how customers can easily buy, sell and make payments with digital tokens. Although tokens are priced in different cryptos, this may soon happen between different networks.

For example, the project simulated the purchase of digital assets on the Ethereum network. A digital currency pegged to a real currency is paid for in a so-called 'stablecoin', in this case US dollars. The transaction and settlement then took place on the Avalanche Network, another stablecoin.

Payments are made at once

A key part of this program is 'Delivery vs. Payment' (DvP). A standard method of ensuring that payments and securities (stocks, bonds, etc.) are issued at the same time. By placing both funds and payments on the same blockchain infrastructure, ANZ is expected to be able to modernize this process. This leads to faster processing and fewer middlemen.

Yesterday we wrote that Real World Assets (RWA) may be the latest hype. The collaboration between ANZ, Chainlink and Avalanche shows that traditional banks are looking for crypto solutions for RWA.

ANZ hopes to use this technology on a larger scale in the future. This could mean that financial settlements will be much faster and more efficient thanks to blockchain.

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If you want to invest remotely, it is possible! Both Avalanche and Chainlink cryptos are available on BLOX.