Australia’s banking giant, ANZ, has collaborated with Chainlink Labs to achieve successful cross-chain settlement of tokenized assets on the Avalanche network, leading to an 8% surge in Avalanche’s AVAX token price.
In a recent blog announcement, Avalanche disclosed the successful completion of a joint effort between ANZ and Chainlink Labs to link blockchains, specifically Avalanche and Ethereum, for facilitating global transfer and settlement of tokenized assets.
The partnership showcased how clients could access, trade, and settle tokenized assets across different networks. ANZ, serving over 8.5 million retail and institutional customers across nearly 30 markets, leveraged Chainlink’s solution for this purpose.
During the pilot phase, ANZ simulated the purchase of tokenized assets on Ethereum, priced in one stablecoin, with transaction initiation and settlement occurring on Avalanche in another stablecoin. ANZ utilized its own Avalanche Evergreen Subnet, which is compatible with Ethereum Virtual Machine (EVM) and features customized capabilities for transaction facilitation.
Anurag Soin, product lead digital added services at ANZ, highlighted the significance of Avalanche’s Evergreen Subnets in exploring new use cases and business models while leveraging customizable networks.
Following the announcement, Avalanche’s AVAX token surged by 8% to $58.6, according to CoinMarketCap. Avalanche revealed that the next phase of the pilot involves deploying the solution on blockchain mainnets and expanding workflows to include communication between blockchain networks for various use cases.
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