Quant Soars 20% After Partnership With Bank Of England, BIS For CBDC Project

Dalmas Ngetich

1 year ago

2 mins read

QUANT Project Rosalind BIS Bank of England

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The native currency of Quant, a blockchain platform that helps financial institutions incorporate digital currencies into their businesses, on June 15 soared 20% following its partnership announcement with the Bank of England for Project Rosalind.

Quant Collaborates With BIS And The 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 APIs in CBDC systems 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 needed 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.

Following the announcement of their contribution, QUANT soared 20%, reversing losses posted early this week.

QUANT Price on June 18| Source: QUANTUSDT On Binance, TradingView — QUANT price, June 18 | Source: QUANTUSDT On Binance, TradingView

Besides designing, Quant also provided the underlying infrastructure and blockchain platform, needed for the interoperability of central bank ledgers.

Gilbert Verdian, 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 into money. For commercial banks and other institutions, the opportunity to apply this programmability to create innovative new products that differentiate themselves from challengers and competitors is almost endless. We encourage every bank and financial institution to read the Project Rosalind report and start planning their smart money infrastructure strategy.”

Project Rosalind And CBDCs

Project Rosalind, led by the London Centre, was designed to tackle crucial issues within the retail CBDCs’ development. These issues include improving public-private sector collaboration, maximizing interoperability, and meeting the constantly changing needs of citizens.

Project Rosalind seeks to improve public-private sector collaboration by creating prototype APIs that enable a central bank to interact safely with private sector service providers. The project adopts a two-tier distribution model, with the central bank in the background, forming the foundation of the retail CBDC and private sector applications handling customer requests.

Through extensive collaborations, Project Rosalind has demonstrated that APIs can play a crucial role in enhancing CBDCs’ payment functionalities and security.

By leveraging distributed ledger technologies like 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

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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