Bittime – AVAX, a native token of the Avalanche blockchain, experienced a significant price increase of 8% after being announced as selected as the underlying asset for tokenization completion by ANZ, one of the banking giants in Australia. This price increase occurred after the success of trials carried out by ANZ with Chainlink Labs.
The following is a complete explanation.
Avalance collaboration with ANZ
Through a blog announcement on March 25, Avalanche revealed the success of its collaboration with Australia and New Zealand Banking Group (ANZ) and Chainlink Labs. This collaboration aims to connect the Avalanche blockchain with Ethereum, thereby enabling the transfer and settlement of tokenized assets globally.
According to official documents, ANZ, a multinational bank serving more than 8.5 million retail and institutional customers in nearly 30 countries, is leveraging Chainlink solutions to demonstrate how clients can access, trade, and settle tokenized assets across multiple blockchain networks.
Check Today's Crypto Market:
Avalanche Evergreen Subnet
During the trial, ANZ simulated purchasing tokenized assets on the Ethereum network using certain stablecoins. However, transaction initiation and settlement are done on the Avalanche network using different stablecoins.
Avalanche explained that for this project, ANZ used its network, the Avalanche Evergreen Subnet. This subnet offers compatibility with the Ethereum Virtual Machine (EVM) and customizable features to facilitate transactions.
“Avalanche's Evergreen Subnet allows ANZ to join the growing list of institutions exploring new use cases and business models leveraging a scalable network like Avalanche,” said Anurag Soin, digital services product lead at ANZ.
The announcement was met with an 8% jump in AVAX prices to $58.6 according to CoinMarketCap.
Avalanche added that the next phase of the pilot will focus on deploying the solution on the blockchain mainnet and expanding workflows to include communication between blockchain networks for a variety of use cases.
Also read How to Buy Crypto:
Conclusion
The successful cross-chain trial between ANZ and Chainlink Labs, with Avalanche as the underlying asset, signals the huge potential of blockchain technology in the world of finance. This success has helped boost investor confidence in AVAX, which is reflected in the increase in the token price.
Dear Beli Avalanche (AVAX) by Bittime
You can buy and sell Avalanche (AVAX) easily and safely via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Avalanche (AVAX) is available on Bittime with the market pair AVAX/IDR. To be able to buy AVAX IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Avalanche (AVAX) on Bittime.
Monitor the price chart movements of Avalanche (AVAX), Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.
Read Also:
Avalanche (AVAX) Price Prediction in 2024
Avalanche (AVAX) Comprehensive Review 2024: Complete Guide
Avalanche (AVAX) Will Launch Memecoin Rush, This is the Goal!
DISCLAIMER: This article is informational and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
Comments
0 comments
Please sign in to leave a comment.