Quant surges 20% after partnering with Bank of England, BIS for CBDC project

Nativecoin of Quant, a blockchain platform that helps financial institutions incorporate digital currencies into their businesses, soared 20% on June 15 after announcing a partnership with the Bank of England for Project Rosalind.

Quant has collaborated with BIS and Bank of England

Project Rosalind 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 an API in a CBDC system to facilitate retail payments.

Project Rosalind 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 the development of consumer applications.

Quant contributed to the development of Project Rosalind, by designing and developing API functionality that would be programmable within the private sector.

Following the announcement of his contribution, the quant soared 20%, reversing losses posted earlier this week.

In addition to designing, Quant also provided the underlying infrastructure and blockchain platform necessary for the interoperability of the central bank’s ledgers.

Gilbert Verdien, founder and CEO of Quant, expressed enthusiasm about the potential of CBDCs, Saying,

“For the first time, money is ready for the digital age. A CBDC will enable citizens and businesses to automate cumbersome payments and processes and implement logic in money. For commercial banks and other institutions, challengers and competitors The opportunities to apply this programmability to create innovative products that differentiate themselves are nearly endless. We encourage every bank and financial institution to read the Project Rosalind report and plan their smart money infrastructure strategy .

Project Rosalind and the CBDC

Project Rosalind was led by the London Center Design To tackle key 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 a prototype API that enables a central bank to securely interact with private sector service providers. The project adopts a two-tier distribution model, with the central bank in the background forming the foundation for the retail CBDC and private sector applications handling customer requests.

Through extensive collaboration, Project Rosalind has demonstrated that APIs can play an important role in enhancing the payment functionality and security of CBDCs.

By leveraging distributed ledger technologies such as blockchain, Quant Network can also fulfill its vision of being a decentralized network, bringing greater reliability and security to various industries.

Feature image from Canva, chart from TradingView