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- Chainlink secures a partnership agreement with Australia and New Zealand Banking Group (ANZ).
- This bank was recently involved in Chainlink’s case study that involved it’s CCIP.
Chainlink (LINK) has, according to the latest announcement, sealed a partnership agreement with leading giant Australia and New Zealand Banking Group (ANZ). ANZ has $670 billion in assets and was one of the participants of the recent case study involving Oracle’s new Cross-Chain Interoperability Protocol (CCIP) technology. It completed transactions in tokenized assets using A$DC stablecoin and CCIP.
This demonstrates its capability of facilitating transfers across both open and private blockchain networks. Together with Chainlink, they released a paper that lauds the use cases of CCIP, claiming it would be the underlying driver of tokenized assets by institutions.
The case study presented in this paper demonstrates that financial institutions can provide clients with secure access to a wide range of tokenized assets and digital asset services, even across different public and private blockchains. This can vastly simplify the user experience of interacting with digital assets while providing financial institutions with a way to serve client demand without substantial modifications to their existing infrastructure…
Similar to how interoperability standards transformed the Internet and global banking, a cross-chain interoperability standard could accelerate the adoption of tokenized assets amongst financial institutions.
Chainlink also disclosed that the current observation is an additional lesson to the cue taken from Swift’s blockchain interoperability initiative conducted about three months ago. One of the primary objectives of Chainlink is to ensure that both banks and the crypto industry coexist.
Its fast-rising product, CCIP, has three main Oracle Networks. One of the layers ensures that transactions facilitated over the network are not risky. The two other layers are in charge of the sending and receiving of messages coupled with transferring value.
Chainlink Founder Lauds Collaboration with SWIFT
The SWIFT’s blockchain Interoperability initiative conducted in June involved several financial institutions including “BNP Paribas, BNY Mellon, Citi, Clearstream, Euroclear, Lloyds Banking Group.”
According to Sergey Nazarov of Chainlink, the collaboration with SWIFT was in the right direction.
All the key goals we wanted to achieve were achieved. We were able to use SWIFT messages, a widely used existing banking standard for initiating blockchain events through CCIP, the cross-chain interoperability protocol made by the Chainlink network.
Nazarove further stated that the team was able to connect with multiple bank chains. It is to ensure that banks on their respective chains can transact among themselves. On top of that, the team connected private bank chains to public chains. This was to enable them to interconnect and transact with public chain contracts such as decentralized finance. For now, all three goals have been successfully achieved according to Chainlink’s founder.
ANZ Portfolio Lead Nigel Dobson has also acknowledged that banks are increasingly growing to explore the use cases of tokenized assets. He needs a reference to a recent EY report which states that “93 percent of institutional investors believe in the long-term value.
As of press time, Chainlink (LINK) was trading at $8 after surging by 11 percent in the last seven days. The asset is, however, 0.6 percent down in the last 24 hours with a safety score of 75/100.
