National Australia Bank completes first money transfer on the Ethereum network

National Australian Bank (NAB) became the second in the country to issue stablecoin on the Ethereum blockchain and became the first to complete its money transaction on the network.

In the present time adoption of the crypto & blockchain adoption technology is surging. Increasing competition & innovations in the crypto sector is attracting huge numbers of banks to get into the crypto sector & derive the best innovation for money transactions. 

On 14 March 2023, National Australia Bank (NAB) released its statement on its success to execute its first money transaction via blockchain technology.

NAB bank used the Ethereum blockchain network to transfer Australian dollar-pegged AUDN stablecoin, as an ERC-20 token. 

In this blockchain technology-based fund transaction project, NAB partnered with the Fireblocks platform and BlockFold professional services consultants on the project. 

The released statement confirmed that the project used 7 currencies (Australian, New Zealand, Singapore, and United States dollars, as well as euros, Japanese yen, and British pounds) on a smart contract on the Ethereum network. 

Drew Bradford, the executive general manager for markets at NBA, said that NBA bank believes future money transaction systems will run on blockchain technology and this bank is already experimenting with fiat transactions on blockchain technology.

NBA Executive further added:

“The stringent governance frameworks we have in place ensures we can support the creation of a safe and reliable digital financial system.”

Earlier in March 2022, Australia and New Zealand Banking Group first time minted stablecoin on the Ethereum network A$DC. These stablecoin-based experiments are showing that blockchain technology is going to take place in the mainstream payment platforms.

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