Australia: ANZ Bank to Integrate Chainlink CCIP for Cross-Chain Transactions

Chainlink notes that, ANZ Bank,, one of the largest institutional banks in Australia, used Chainlink CCIP to successfully demonstrate a cross-chain purchase of tokenized assets “with A$DC, an ANZ-issued stablecoin of the Australian Dollar.”

According to Chainlink, this new development “builds on the lessons learned from the recent Swift blockchain interoperability initiative and further showcases how financial institutions can utilize CCIP to facilitate cross-chain transactions across public and private blockchains.”

Sergey Nazarov said

“As Australia and New Zealand Banking Group (ANZ), one the world’s largest global banks with over $1 trillion in total assets under management, demonstrates the use of CCIP for secure cross-chain stablecoin transactions, the role of Chainlink and CCIP as a standard for interbank transactions for stablecoins and tokenized real world assets is becoming a reality.”

As covered in July, the Chainlink Cross-Chain Interoperability Protocol (CCIP) has entered the Mainnet Early Access phase on the Avalanche, Ethereum, Optimism, and Polygon blockchains.

DeFi protocols in derivatives and lending are “adopting CCIP, including Synthetix, which is live on CCIP mainnet, as well as Aave, with BGD Labs now integrating CCIP on mainnet into the protocol.”

On July 20, CCIP will become “available to all developers across five testnets: Arbitrum Goerli, Avalanche Fuji, Ethereum Sepolia, Optimism Goerli, and Polygon Mumbai.”

Web3 is now “a multi-chain landscape.” There are hundreds of blockchains, layer-2 networks, sidechains, subnets, appchains, parachains, and other environments “for developers and users to choose from.”

While the launch of new on-chain ecosystems “has driven innovation and adoption, it has also fragmented applications, on-chain assets, and market liquidity across different, disconnected blockchains.”

Furthermore, existing cross-chain solutions “are complex—generally involving a multitude of technology stacks across protocols and chains—and often insecure, with $2B+ stolen due to cross-chain exploits.” This lack of interoperability results “in slower innovation and is holding back the progress and mass adoption of Web3.”

As reported in July 2023, Synthetix is pleased to announce that the protocol has integrated Chainlink Cross-Chain Interoperability Protocol (CCIP) into Synthetix V3.

This milestone integration “marks one of the first-in-production uses of Chainlink CCIP and will enable highly efficient, secure, and reliable cross-chain transfers of sUSD through the Synthetix Teleporter.”

The initial integration of Chainlink CCIP enables V3 sUSD “to move between Ethereum and Optimism, but has been configured to allow transfers to any EVM compatible chain if approved by the Synthetix Spartan council.” Please note: Only sUSD minted on the Synthetix V3 architecture can be sent via Telporter.

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