HomeAltcoinsAustralia And New Zealand Banking Group (ANZ) Has Showcased How Suitable Avalanche...

Australia And New Zealand Banking Group (ANZ) Has Showcased How Suitable Avalanche Is In Tokenization And Settlement

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Australia and New Zealand (ANZ) Banking Group, with the help of Chainlink, has shown the outcome of a project to connect Avalanche and Ethereum for trading assets worldwide. ANZ and Chainlink recently shared their findings from working together to make it easier to trade tokenized assets between different blockchain networks using CCIP.

The banking group and Chainlink are working together to show how they can trade and settle tokenized assets using delivery versus payment (DvP) across different networks and currencies. This way of settling payments, which is common in old-fashioned trading, has been copied onto a blockchain to show how this technology can update old systems.

When the testnet was used, two important results were found. At first, ANZ customers bought tokenized New Zealand Dollar (NZ$DC) stablecoin from ANZ on Avalanche using the bank’s Digital Asset Services platform. Customers were given digital assets that represent Australia’s natural resources. These assets were in the form of unique tokens and were valued in a digital currency called the tokenized Australian Dollar. This was all done using a technology called the Ethereum network.

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