Bittime - Blockchain platform Avalanche (AVAX) announced a collaboration with Australia and New Zealand Banking Group (ANZ) and Chainlink Labs. This announcement also helped soar the price of AVAX by 9% on March 26.
This step was taken to explore the potential of blockchain-based digital assets for global transfer and transaction settlement.
Leveraging Chainlink Technology for Cross-Blockchain Transactions
The collaboration aims to connect the Avalanche and Ethereum (ETH) blockchains using Chainlink's Cross-Chain Interoperability Protocol (CCIP).
The hope is that the transfer and settlement of digital asset transactions (DvP) between networks in various currencies can run smoothly.
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ANZ Pioneers Digital Asset Transactions with Delivery vs. Payment
ANZ, a provider of banking services to millions of customers in nearly 30 countries, is taking an innovative step to enter the realm of blockchain-based digital assets.
Also read: ANZ and Chainlink Open Tokenization Potential on the Avalanche Blockchain
By utilizing CCIP, ANZ is testing how customers can access, trade and complete digital asset transactions across networks and currencies using Delivery vs. Delivery methods. Payment (DvP).
This approach aims to increase the efficiency of transaction settlement and risk management for digital assets classified as "securities".
Chainlink Abstracts the Complexity of Cross-Chain Transactions
According to Avalanche, Chainlink's CCIP plays an important role in simplifying the complexity of transferring digital assets between various blockchains.
This technology ensures atomic settlement of cross-chain DvP transactions, i.e. asset transfer and payment must occur simultaneously or not at all.
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Use Example: ANZ Digital Asset Transactions
For example, this collaboration simulates a transaction where a customer uses ANZ's Digital Asset Services (DAS) portal to purchase ANZ-issued New Zealand dollar (NZ$DC) stablecoins on the Avalanche blockchain.
Then, the customer purchased an Australian nature-based asset which was issued as a non-fungible token (NFT) on the Ethereum blockchain. The NFT asset is denominated in the Australian dollar stablecoin (A$DC) issued by ANZ.
ANZ Facilitates Currency Conversion and Cross-Blockchain Transfers
ANZ facilitates foreign exchange conversions between the two currencies. Meanwhile, CCIP provides the necessary infrastructure for token and data transfer between Ethereum and Avalanche.
Also read: A New Era of Blockchain-Based Asset Tokenization Initiated by Chainlink Labs and ANZ
ANZ Leverages Avalanche Subnets for Customization
The announcement also revealed that ANZ is using the Avalanche Evergreen Subnet for the project. This subnet offers compatibility with the Ethereum Virtual Machine (EVM), access permission features, and custom gas tokens.
With Evergreen Subnet, ANZ can explore new use cases and business models using a scalable network like Avalanche.
The collaboration of ANz, Chainlink, and Avalanche shows the use of blockchain by financial institutions. ANZ's collaboration with the two blockchain platforms shows how traditional financial institutions are starting to embrace blockchain technology to improve capital market efficiency.
AVAX Price Soars After Announcement
The price of Avalanche's native token, AVAX, is on an uptrend. AVAX has seen an incredible increase of 60% in the last 30 days. Currently, AVAX is trading at around $58.31, close to the 22-month high recorded at $65 on March 18.
The announcement of this collaboration pushed the price of AVAX up 9% in the last 24 hours. The rise saw AVAX break through the $55 resistance level.
However, the $60 level is expected to be the next challenge. If the bullish momentum weakens, AVAX price may experience consolidation in the $55 to $60 range.
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Additionally, AVAX's trading volume in the last 24 hours reached $1,135,122,192, showing a significant increase of 127.20% compared to the previous day. This increase in trading volume further shows the high interest in AVAX.
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Innovative Altcoins: Chainlink, Cardano, and Polkadot Lead the Race!
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Unlocking the Potential of AVAX and the Thriving Avalanche Ecosystem
DISCLAIMER: This article is informational in nature and is not an offer or invitation 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.
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