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ANZ stablecoin's A $ DC has been used to purchase Australian token carbon credits, marking another important case study of asset use in the local economy.

In March, the "Big Four" bank became Australia's first financial institution to establish stablecoin after overseeing a driver's business worth $ 20.76 million, or $ 30 million Australian dollars (AUD), among Victor Smorgon Group and digital asset manager Zerocap.

The stablecoin ANZ is fully integrated with the AUD deposited in a managed bank account. To date, A $ DC transactions have been made primarily through the Ethereum blockchain.

According to a Monday report from Australian Financial Review (AFR), a recent employee saw long-time institutional partner Victor Smorgon use A $ DC to buy Australian Carbon Credit Units (ACCUs).

The carbon credits are token and provided by BetaCarbon, a blockchain-based carbon trading platform that produces digital security assets called BCAUs, representing one kilogram of carbon offset per credit.

The transaction also saw the contribution from Zerocap as well, providing marketing and liquidity services in exchange for A $ DC sent from Victor Smorgon to USD Coin (USDC) for BetaCarbon to accept the deal. The value of the work is not yet determined, however.

From the bank's perspective on the crypto / blockchain sector, ANZ bank portfolio leader Nigel Dobson told AFR that the company views blockchain technology as a "pursuit of financial market transformation" and has no interest in speculative crypto assets:

"We see this emerging as an internet-protocol based on one of the 'branded' processes. We think the basic infrastructure - efficient, secure, public blockchains - will facilitate transactions, both what we understand today and the new ones that will work best."

Dobson echoed similar sentiments at the Chainalysis Links event in Sydney on June 21, noting that ANZ immediately "closed the word crypto immediately in all of our internal communications and accounting" when it began testing blockchain technology a few years ago.

He said the bank had investigated several cases of blockchain tech use, such as tracking the supply chain and providing on-ramps with stablecoins for institutions to invest in digital assets. However, Dobson suggested that the token carbon credits were an important area in which the bank was preparing:

"Another area where we have a strong position on sustainability is where we hear that the carbon offsets of carbon offsets and markets driven by branded goods and the exchange of token numbers will work very well."

Earlier this month, ANZ decided to offer any crypto exposure to store investors due to their lack of financial information.

Maile Carnegie, chief marketing officer, noted in the Australian Financial Review Banking Summit that “most of them do not really understand the basic concepts of financial well-being.”

Source: cointelegraph

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