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ANZ, a key player among Australia’s “Big Four” banks, adopts Chainlink’s cross-chain interoperability protocol (CCIP) for simulating tokenized asset purchases. 
The latest move highlights ANZ’s ability to facilitate fund transfers across public and private blockchain networks, advancing the ongoing trials to evaluate the effectiveness and safety of integrating real-world assets on-chain. 
According to a statement by Chainlink on social platform X (formerly Twitter), the move on Sept. 13 was influenced by insights gained from the Swift blockchain interoperability project initially undertaken in June. 
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 .<a href="https://twitter.com/ANZ_AU?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@ANZ_AU</a>, one of the largest institutional banks in Australia, used Chainlink <a href="https://twitter.com/hashtag/CCIP?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#CCIP</a> to successfully demonstrate a cross-chain purchase of tokenized assets with A$DC, an ANZ-issued stablecoin of the Australian Dollar: <a href="https://t.co/l9iPE2JuWD" target="_blank" rel="noopener noreferrer nofollow">https://t.co/l9iPE2JuWD</a>— Chainlink (@chainlink) <a href="https://twitter.com/chainlink/status/1702265237171212530?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 14, 2023</a> 
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The initiative, a collaborative project involving prominent global banks and the Society for Worldwide Interbank Financial Telecommunication, aims to explore the boundaries of blockchain interoperability. 
The ultimate goal is to provide a unified gateway for significant financial entities, facilitating easier access to diverse networks and diminishing the operational and economic barriers in connecting the global financial infrastructure. 
Several banking giants have joined this initiative, including BNP Paribas, BNY Mellon, Citi, Clearstream, Euroclear, Lloyds Banking Group, SIX Digital Exchange (SDX), and The Depository Trust and Clearing Corporation (DTCC), alongside ANZ or the Australia and New Zealand Banking Group. 
Chainlink has emerged as a pivotal player in this landscape, spearheading efforts to ascertain whether a symbiotic relationship between banks and the cryptocurrency sector is feasible, thereby addressing prevalent concerns surrounding retail CBDCs. 
 You might also like: <a href="https://crypto.news/swift-to-beta-test-cbdc-interlinking-solution-with-central-banks/" rel="noopener noreferrer nofollow"> Swift to beta test CBDC interlinking solution with central banks </a> 
Chainlink’s offering, which has garnered positive responses, functions as a universal messaging interface, facilitating communication between various chains through its Oracle network. 
The CCIP operates through two distinct Oracle networks – one responsible for transmitting messages and transferring value and the other monitoring to ensure the safety of these transactions. 
Nigel Dobson, ANZ’s banking services portfolio lead, shared his insights emphasizing the importance of connecting existing blockchain networks for widespread adoption. 
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 “This new on-chain financial operating model is currently highly fragmented. With assets and services siloed across different blockchains that don’t always immediately work well together.” <cite>Nigel Dobson, ANZ’s banking services portfolio lead</cite> 
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<h2 class="wp-block-heading" id="digital-assets-gain-traction-among-australian-banks">Digital assets gain traction among Australian banks</h2> 
In March 2022, ANZ achieved a notable milestone by minting the inaugural A$DC stablecoin, making it the first of its kind in Australia. 
In parallel, other Australian banks are also venturing into the realm of decentralized networks and stablecoins. Notably, the National Australia Bank (NAB) <a href="https://crypto.news/australia-develops-stablecoin-to-boost-the-digital-economy/" rel="noopener noreferrer nofollow">launched</a> the AUDN stablecoin on Jan. 19. It operates on the Ethereum (<a href="https://crypto.news/price/ethereum/" data-type="link" data-id="https://crypto.news/price/ethereum/" rel="noopener noreferrer nofollow">ETH</a>) network and maintains a 1:1 ratio with the Australian dollar (AUD). 
On the other hand, the Commonwealth Bank of Australia (CBA) has adopted a more conservative stance towards cryptocurrencies, pausing the release of a crypto services app in May 2022 to gather more customer feedback and await regulatory clarity, despite being the first Australian bank to announce such services. 
 You might also like: <a href="https://crypto.news/australias-nab-flags-crypto-exchange-payments-to-curb-scams/" rel="noopener noreferrer nofollow"> Australia’s NAB flags crypto exchange payments to curb scams </a>

Australian Bank ANZ boosts cross-chain operations with Chainlink

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