The ANZ Banking Group has shown the compatibility of Avalanche in terms of encryption and payments.
The Australia and New Zealand Banking Group (ANZ), in collaboration with Chainlink, has announced the results of an initiative aimed at bridging the gap between Avalanche and Ethereum in global asset payments.
Explore Cross-Chain Interoperability
In a recent announcement posted on X, ANZ and Chainlink have revealed the results of their collaboration, focusing on using Cross-Chain Interoperability Protocol (CCIP) to facilitate the settlement of encrypted assets across different blockchain networks.
The joint effort between the banking group and Chainlink aims to introduce the ability to access, trade, and settle encrypted assets across multiple networks and currencies using Delivery Versus Payment (DvP).
This payment method is typical in traditional trading systems, but is extended onto the chain to illustrate the potential of blockchain technology in upgrading outdated infrastructure.
Leveraging the Avalanche Subnetwork Technology
In addition, ANZ’s Head of Digital Services Product Augmentation, Anurag Soin, emphasizes the importance of the Avalanche Evergreen Subnetwork in empowering organizations like ANZ to explore new applications and business strategies.
Avalanche’s network structure is a tool for facilitating the execution of this cross-chain settlement effort.
Analysts predict that the success of the ANZ initiative will drive growth in the cryptocurrency and Decentralized Finance (DeFi) ecosystem within Avalanche.
Meanwhile, Avalanche has experienced a weekly surge of more than 33% and is predicted to reach $71 in the fourth quarter of this year.
Currently trading at $62.9 with a 13% increase in the past 24 hours, Avalanche traders are demonstrating confidence in this currency thanks to its increasing adaptability in TradFi settings.
