Australia selects AVAX as tokenized asset settlement, resulting in an 8% surge for the cryptocurrency.
ANZ, Australia’s major banking institution, has partnered with Chainlink Labs to achieve a successful cross-chain settlement of tokenized assets on the Avalanche network.
In a recent blog post, Avalanche announced that ANZ and Chainlink Labs collaborated to connect blockchains, specifically Avalanche and Ethereum, in order to facilitate the global transfer and settlement of tokenized assets.
The document revealed that ANZ, a multinational banking giant serving millions of customers across numerous markets, utilized Chainlink’s solution to showcase how clients can access, trade, and settle tokenized assets across different networks.
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. Avalanche noted that ANZ used its own Avalanche Evergreen Subnet, taking advantage of its Ethereum Virtual Machine (EVM) compatibility and customized features to facilitate transactions.
Following the announcement, the price of Avalanche’s AVAX token surged by 8% to $58.6, according to CoinMarketCap. Avalanche also mentioned that the next phase of the pilot will involve deploying the solution on blockchain mainnets and expanding workflows to enable communication between blockchain networks for various use cases.
