Australian Bank ANZ leveraging Chainlink’s CCIP for cross-chain operability
Wednesday’s announcement signifies increasing harmony between the global financial system and the digital assets industry
Gorev Evgenii/Shutterstock modified by Blockworks
ANZ, one of Australia’s “Big Four” banks, has completed a transaction with tokenized assets utilizing its A$DC stablecoin and Chainlink’s Cross-Chain Interoperability Protocol, or CCIP.
The development showcased the bank’s capability to transfer funds across both open and private blockchain networks, furthering experiments being conducted to test the efficiency and security of deploying real-world assets on-chain.
According to a statement by Chainlink on social platform X, formerly known as Twitter, the move Wednesday “builds on the lessons learned” from the Swift blockchain interoperability initiative, originally conducted in June.
The effort, a joint venture between leading global banks and The Society for Worldwide Interbank Financial Telecommunication, seeks to test the limits of blockchain interoperability.
Its objective: Offering major financial institutions a centralized gateway to various networks, in a bid to reduce the operational hurdles and investment required to link the global financial system.
Banks involved included BNP Paribas, BNY Mellon, Citi, Clearstream, Euroclear, Lloyds Banking Group, SIX Digital Exchange (SDX), and The Depository Trust and Clearing Corporation (DTCC), in addition to ANZ or the Australia and New Zealand Banking Group.
Chainlink has played a central role in understanding whether banks and the crypto sector can coexist in harmony, challenging commonly held concerns associated with retail CBDCs.
Chainlink’s product, which has so far been well received, serves as a “universal messaging interface” for communication between various chains by utilizing its Oracle network.
CCIP works with three separate Oracle networks. Two of those networks handle sending/receiving messages and transferring value, while another watches over to make sure those transactions aren’t risky.
“The bank’s work with its A$DC stablecoin and the tokenization of real-world assets has already provided us with valuable lessons as we continue to investigate enterprise-grade use cases,” Nigel Dobson, ANZ’s banking services portfolio lead said in a statement on Wednesday.
“Based on market activity, we expect the continued adoption of digital assets will result in the proliferation of multiple assets across many blockchain networks.”
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