Quant’s native currency, a blockchain platform that helps financial institutions incorporate digital currencies into their businesses, rose 20% on June 15 after announcing its partnership with the Bank of England for Project Rosalind.
Quant works with BIS and the Bank of England
Project Rosalind is a Central Bank of 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.
Project Rosalind focuses on leveraging APIs in CBDCs and exploring innovative use cases for the technology. The project uses a partnership model between the public and private sectors. The public sector provides the necessary infrastructure and the private sector is responsible for developing consumer applications.
Quant contributed to the development of Project Rosalind by designing and developing API functionalities that would enable programmability within the private sector.
After announcing their contribution, QUANT rose 20%, reversing losses posted early this week.
In addition to designing, Quant also provided the underlying infrastructure and blockchain platform necessary for the interoperability of central bank ledgers.
Gilbert Verdian, founder and CEO of Quant, expressed his enthusiasm for the potential of CBDCs, proverb:
“For the first time, money is ready for the digital age. A CBDC enables citizens and businesses to automate cumbersome payments and processes and implement logic in money. For commercial banks and other institutions, the ability to apply this programmability to create innovative new products that stand out from challengers and competitors is almost endless. We encourage every bank and financial institution to read the Project Rosalind report and begin planning their smart money infrastructure strategy.”
Project Rosalind and CBDCs
Project Rosalind, led by the London Centre, was designed to address critical issues within the development of retail CBDCs. These issues include improving public-private sector collaboration, maximizing interoperability and meeting the ever-changing needs of citizens.
Project Rosalind seeks to improve public-private sector collaboration by creating prototype APIs that allow a central bank to securely communicate with private sector service providers. The project uses a two-tier distribution model, with the central bank in the background, which forms the basis of the retail CBDC and private sector applications that handle customer requests.
Through extensive collaborations, Project Rosalind has demonstrated that APIs can play a critical role in improving the payment functionality and security of CBDCs.
By leveraging distributed ledger technologies such as blockchain, Quant can also fulfill its vision of being a decentralized network of networks, bringing greater reliability and security to various industries.
Feature image from Canva, chart from TradingView