Chainlink has entered a significant collaboration with the Australia and New Zealand Banking Group (ANZ) to bolster cross-chain development. This will make use of the Cross-Chain Interoperability Protocol (CCIP) of Chainlink to facilitate the digital assets created by the bank.
Chainlink is a decentralized oracle network that enables smart contracts to communicate securely with real-world data and services outside of blockchain networks. It is middleware that connects blockchain platforms to securely interact with external data.
The network is intended to be used to facilitate the transfer of tamper-proof data from off-chain sources to on-chain smart contracts. Chainlink’s LINK token is an ERC677 token, an extension of ERC-20, and is used to pay for services on the network.
ANZ Bank, short for Australia and New Zealand Banking Group Limited, is an Australian multinational banking and financial services company headquartered in Melbourne, Victoria.
It offers a wide range of personal banking services such as Internet banking, bank accounts, credit cards, home loans, personal loans, travel, and international services.
With an institutional and corporate customer base of around 7,000, it minted its first stablecoin, A$DC, in March 2022 making it the first Australian bank to achieve the feat.
The Australian dollar-pegged stablecoin is designed to enable ANZ Bank’s customers to find a safe and secure gateway to the digital economy.
Furthermore, to expand the reach of the stablecoin, which is an Ethereum-based asset, into other blockchains, the bank is collaborating with Chainlink to make it possible. This step is taken due to the result that has been seen with Chainlink in the Web3 world.
Lee Ross, ANZ’s Technology Domain Lead, expresses enthusiasm for enhancing financial innovation at ANZ. They aim to offer clients effortless access to tokenized assets through a user-friendly platform.
Lee notes that Chainlink’s CCIP significantly simplifies the intricate process of transferring tokenized assets across various blockchains, ensuring secure cross-chain transactions.