The behemoth financial institution bank in Australia, ANZ, embraced Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to demonstrate a cross-chain purchase of tokenized assets with A$DC, a stablecoin issued by ANZ.
ANZ collaborated with Chainlink CCIP to complete a test transaction simulating the purchase of a tokenized asset using A$DC and an ANZ-issued NZ-dollar-denominated stablecoin.
The test’s success demonstrated the technical Interoperability of ANZ’s digital asset services technology stack with CCIP, enabling secure and efficient cross-chain settlement of tokenized assets.
In collaboration with Swift and some major financial institutions, ANZ has been actively working to explore ways to facilitate Interoperability between blockchains and the existing financial infrastructure.
The collaboration aimed to provide financial institutions with a “single access point” to multiple networks, simplifying operational processes and reducing investment requirements.
According to a recent report by EY, a staggering 93 percent of institutional investors see long-term value in tokenized assets. This is the reason why major institutions are adopting new financial technology rapidly.
However, Interoperability has been a big issue for accessing assets and services available on the different blockchain networks. It hinders the accessibility and liquidity of tokenized assets and adds complexity to their integration into the operations of financial institutions.
Cross-Chain Interoperability Protocol (CCIP) is a blockchain interoperability standard that offers a secure and scalable solution for financial institutions to connect to various blockchains.