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AVAX surges 8% after token chosen as tokenized asset settlement by Australia’s bank

avax-surges-8-after-token-chosen-as-tokenized-asset-settlement-by-australias-bank
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AVAX surges 8% after token chosen as tokenized asset settlement by Australia’s bank

Australia’s banking giant, ANZ, in a partnership with Chainlink Labs, has unveiled a successful cross-chain settlement of tokenized assets on the Avalanche network.

In a blog announcement on Mar. 25, Avalanche revealed that the Australia and New Zealand Banking Group (ANZ) and Chainlink Labs have successfully completed a collaborative effort aimed at linking blockchains, specifically Avalanche and Ethereum, to facilitate the global transfer and settlement of tokenized assets.

According to the document, ANZ, a multinational banking giant serving over 8.5 million retail and institutional customers across nearly 30 markets, leveraged Chainlink’s solution to demonstrate how clients could access, trade, and settle tokenized assets across different networks.

During the pilot, 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 for this project, ANZ utilized its own Avalanche Evergreen Subnet, leveraging its Ethereum Virtual Machine (EVM) compatibility and customized features to facilitate transactions.

“Avalanche’s Evergreen Subnets have allowed ANZ to join the list of institutions exploring new use cases and business models while leveraging customizable networks like Avalanche.”

Anurag Soin, product lead digital added services at ANZ.

Following the announcement, Avalanche’s AVAX jumped in a moment by 8% to $58.6, according to CoinMarketCap. Avalanche added 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.