SYDNEY, AAP – ANZ Bank has created a cryptocurrency that a customer has used to transfer $30 million in minutes and avoid currency conversion fees.
The bank on Thursday revealed it had a created a stablecoin linked to the Australian dollar for use by customer and family business Victor Smorgan Group.
A stablecoin is a cryptocurrency linked to a commodity, currency or algorithm.
Victor Smorgan Group used its $30 million in stablecoin to send the funds more quickly to its digital asset fund manager, Zerocap.
The latter will be able to use the stablecoin to buy crypto assets on Smorgan’s behalf.
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Previously, Victor Smorgan sent Australian dollars and would incur a fee to be converted to US dollars.
Zerocap usually requires US dollars to buy a US stablecoin to make crypto asset purchases.
ANZ banking services lead Nigel Dobson said the ANZ-issued Australian dollar stablecoin was a first and important step in helping customers find a safe and secure gateway to the digital economy.
He said the bank would continue trialling its technology and explore how it could be used in other industries.