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AVAX Jumps 8% as Australia’s Bank Picks It for Tokenized Settlement

AVAX Jumps 8% as Australia's Bank Picks It for Tokenized Settlement

The Australia and New Zealand Banking Group (ANZ) and Chainlink Labs have charted a new path in the realm of blockchain technology. Their joint effort has led to a significant achievement in the seamless settlement of tokenized assets across the Avalanche network (AVAX), setting a new benchmark for global financial transactions.

Seamless Global Transactions Enabled

On March 25, Avalanche shared news of this remarkable accomplishment, highlighting a major step forward in blockchain interoperability. ANZ, a prominent banking entity with a vast global customer base, leveraged Chainlink’s cutting-edge technology. This collaboration enabled clients to effortlessly engage in the trading and settlement of tokenized assets over different blockchain platforms.

The pilot demonstrated by ANZ involved the innovative purchase of tokenized assets on the Ethereum blockchain, with pricing in one stablecoin and the transaction’s initiation and completion on the Avalanche network in another stablecoin. The use of ANZ’s Avalanche Evergreen Subnet was pivotal, utilizing its Ethereum Virtual Machine (EVM) compatibility and specialized features to ensure smooth transactions.

Market Response and Future Directions

Following the announcement, there was a notable surge in the value of Avalanche’s AVAX token, which jumped 8% to $58.6, underscoring the market’s positive reception to this advancement. Avalanche is now poised to enter the next phase of the pilot, aiming to implement the solution across blockchain mainnets and extend workflows to foster inter-blockchain communication for various applications, promising a future of more interconnected and efficient blockchain ecosystems.

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