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Another large bank relies on Chainlink’s crypto technology

Another large bank relies on Chainlink’s crypto technology

Banks around the world are exploring the possibilities of blockchain technology. This also applies to the Australia and New Zealand Banking Group (ANZ), one of Australia’s most important banks. The bank recently announced that this was successful Cross-chain interoperability protocol (CCIP) from Chainlink (LINK), the oracleThe network on Ethereum (ETH) is dedicated to testing transactions with tokenized assets.

Chainlink connects various crypto networks

On Thursday, ANZ’s Nigel Dobson said in a statement that the bank is exploring the possibilities of decentralized technology. He also notes that there is growing interest from institutional investors who are confident in the future of tokenized assets.

“Banks are increasingly exploring use cases with tokenized assets, with 93 percent of institutional investors believing in their long-term value, according to a recent report from EY.”

Dobson said. Blockchain The technology is currently fifteen years old, but has been researched since the 1980s. However, we can say that the technology is still in its infancy. This has resulted in assets and services being spread across different blockchains, but this does not generally facilitate smooth operations.

Chainlink’s Cross-Chain Interoperability Protocol (CCIP) could provide a solution. This protocol from Chainlink offers developers and institutions a way to connect blockchains in a secure way. ANZ’s initial tests with the Chainlink protocol were a huge success.

Dobson emphasizes that connecting existing blockchain networks is “critical” to large-scale adoption. The blockchain landscape is currently very fragmented.

Banks and crypto

Recently, major SWIFT also announced that it had conducted successful tests with Chainlink.

Recently, Australian banks have been actively exploring the possibilities of decentralized networks and stablecoins. For example, National Australia Bank (NAB), a competitor of ANZ, launched a stablecoin called AUDN on January 19, pegged to the Australian dollar (AUD).

However, not all banks are so enthusiastic about crypto. For example, the Commonwealth Bank of Australia (CBA) took a step back. Last year in May, the CBA decided to suspend the launch of a crypto service app due to the ongoing crypto winter. Last June, the bank also took the action to block or temporarily suspend certain payments to crypto exchanges.

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