ANZ Bank joins Forta Network; helping monitor Web3 for threats and anomalies

Forta is excited to announce that ANZ, the second largest bank in Australia, has used Forta to help monitor activity associated with its recently announced A$DC stablecoin. ANZ is also supporting the infrastructure side of the Forta Network, operating a scan node that monitors Web3 for threats and other anomalies. 

The Australia and New Zealand Banking Group Limited (ANZ) is an Australian multinational banking and financial services company headquartered in Melbourne, Victoria. In March, ANZ launched A$DC, an Australian dollar-backed stablecoin using the Ethereum blockchain as a payments tool and to digitize supply chains. 

As the owner and administrator of the A$DC smart contracts, ANZ needed a robust monitoring solution that could monitor the A$DC smart contracts and related events in real-time. There are certain high risk activities - for example, assigning/revoking a minter role or blacklisting a certain wallet address - that are particularly important to have visibility into.

“As a bank, we are very mindful of the controls we need in place to identify, manage and mitigate risk. There are certain risks that naturally come along with being the owner and administrator of stablecoin smart contracts.  Forta is helping us monitor these risks in real-time, and we’ve been very happy with the performance of the network.” says Anurag Soin, Product Area Lead for Digital Asset Services at ANZ. 

ANZ is also contributing to the infrastructure of the Forta network, running both a Polygon and an Ethereum scan node. These nodes are running bots that are monitoring both on and off-chain activity for threats and other anomalies.

You can learn more about ANZ and the A$DC stablecoin here. 

About Forta

Incubated by OpenZeppelin, Forta is the first decentralized network delivering real-time intelligence on the security and health of Web3 core infrastructure and dApps. Protocols, DAOs, investors and individuals can use Forta to receive real time insights on security, financial, operational and governance related events on L1s, L2s and sidechains. 

Learn more about Forta by visiting forta.org or reading the documentation at docs.forta.network.