Quant’s native coin, a blockchain platform that helps financial institutions integrate digital currencies into their businesses, rose 20% on June 15 after announcing a partnership with the Bank of England for the Rosalind project.
Quant cooperates with the Bank for International Settlements and the Bank of England
The Rosalind Project is a central bank digital currency (CBDC) initiative, led by the Bank for International Settlements (BIS) and the Bank of England. It aims to explore the implementation of APIs in CBDC systems to facilitate retail payments.
The Rosalind project focuses on leveraging APIs in CBDCs and investigating innovative use cases for the technology. The project uses a collaborative model between the public and private sectors. The public sector provides the necessary infrastructure, and the private sector is responsible for developing consumer applications.
Quandt contributed to the development of Project Rosalind, by designing and developing API functions that would enable programming within the private sector.
After announcing their contribution, QUANT rose 20%, reversing losses posted earlier this week.
Besides the design, Quant also provided the basic infrastructure and blockchain platform needed for the interoperability of central bank ledgers.
Gilbert Verdian, founder and CEO of Quant, expressed his excitement about the potential of CBDCs, say:
For the first time, money is ready for the digital age. CBDCs will enable citizens and businesses to automate cumbersome payments and processes and implement logic in money. For commercial banks and other organizations, the opportunity to apply this programmability to create innovative new products that differentiate themselves from competitors and competitors is virtually endless. We encourage every bank and financial institution to read Project Rosalind’s report and start planning their smart money infrastructure strategy. “
Rosalind Project and CBDCs
The Rosalind Project, led by the London Centre, was designer To address critical issues in the development of retail CBDCs. These issues include improving cooperation between the public and private sectors, maximizing interoperability, and meeting the ever-changing needs of citizens.
The Rosalind project seeks to improve cooperation between the public and private sectors by creating prototypes of APIs that enable the central bank to interact securely with private sector service providers. The project adopts a two-tier distribution model, with the central bank in the background, forming the basis for the retail commercial central bank and private sector applications handling customer orders.
Through extensive collaborations, the Rosalind project has proven that APIs can play a critical role in enhancing payment functionality and security in CBDCs.
By leveraging distributed ledger technologies such as blockchain, Quant can also realize its vision of being a decentralized network of networks, providing greater reliability and security to various industries.
Featured image from Canva, chart from TradingView