ANZ Joins Singapore’s Project Guardian to Explore Real-World Asset Tokenization
Australia and New Zealand Banking Group (ANZ) has become the first Australian bank to join Singapore’s Project Guardian.
Australia and New Zealand Banking Group (ANZ) has become the first Australian bank to join Singapore’s Project Guardian.
Launched in 2022 by the Monetary Authority of Singapore (MAS), Project Guardian is a collaborative initiative aimed at exploring the tokenization of real-world assets (RWAs) to enhance the efficiency and liquidity of financial markets.
ANZ has partnered with blockchain oracle firm Chainlink Labs and Singaporean investment platform ADDX to study how tokenized assets, such as commercial papers, can be securely exchanged between private blockchains.
One of the largest banks in Australia (ANZ Bank) is partnering with #Chainlink Labs on using CCIP for cross-chain tokenized asset use cases 🔥
This comes as ANZ Bank joins the Monetary Authority of Singapore’s Project Guardian initiative for tokenized assets https://t.co/ILCsCKEX5I pic.twitter.com/EDuYWXHAPb
— Zach Rynes | CLG (@ChainLinkGod) September 30, 2024
According to ANZ’s statement on September 30, the bank will leverage Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to facilitate seamless asset movement across multiple blockchain networks.
Boosting Liquidity and Efficiency Through Tokenization
ANZ Singapore Country Head Mark Evans emphasized the bank’s commitment to promoting innovation in the financial ecosystem.
“Being part of Project Guardian allows us to leverage Singapore’s progressive regulatory environment to explore digital assets and meet the future needs of our customers across the region,” said Evans.
ANZ’s entry into Project Guardian aligns with its broader strategy to deploy its Australian dollar-backed A$DC stablecoin.
2. LIQUIDITY MINING ⛏️:
Users can participate in liquidity mining by staking their tokens in liquidity pools and earn rewards in the form of $TOKI. pic.twitter.com/DskvQq9H2j
— BIG 24 (@SUCCESS_OG_) September 30, 2024
By using CCIP, ANZ aims to demonstrate how tokenized assets can reduce settlement times, lower operational costs, and increase transaction transparency.
Addressing Fragmentation in Tokenized Asset Markets
Nigel Dobson, ANZ’s Banking Services Lead, highlighted the existing challenges of tokenized asset markets, noting that most assets cannot move freely between different blockchains due to a lack of interoperability.
Voy's Real-World Assets #Tokenization and #FraK #Protocol Solving Real-World Problems with FraK 💡
How does FraK solve real-world problems?
Traditionally, assets like trade finance or #commodities are reserved for large institutions.FraK changes this by tokenizing these… pic.twitter.com/2SHo2TXCJ9
— VOY (@voyfinance) September 30, 2024
“Our participation in Project Guardian will help us explore solutions to overcome fragmentation and demonstrate how ANZ’s digital asset capabilities can support our customers in cross-border trade,” Dobson added.
Key Takeaways:
- First Australian Bank: ANZ is the first bank from Australia to join Singapore’s Project Guardian.
- Enhancing Asset Interoperability: ANZ will use Chainlink’s CCIP to explore cross-chain exchange of tokenized assets.
- Supporting Digital Asset Innovation: ANZ aims to improve financial market efficiency and liquidity through real-world asset tokenization.
By joining Project Guardian, ANZ is setting a precedent for other Australian banks and contributing to the global effort to establish a more interconnected and efficient digital asset ecosystem.
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