Ripple Rival Quant (QNT) Surges 7% as Bank of England CBDC Partnership Unveiled

London based enterprise blockchain solutions provider bat has revealed its great partnership with the Bank of England and the Bank for International Settlements (BIS), their joint venture, the Rosalind project. The initiative aims to explore the potential of APIs for the development of CBDC systems.

We are proud to be a part of the vendor team for #project rosalind, Congratulations to all involved @BIS_org And this @bankofengland, An important and successful project.#cbdc #digitalpound

— Quant (@quant_network) June 16, 2023

The market reaction to this groundbreaking partnership has been very positive, with Quant’s native token, QNT, experiencing a remarkable 7% increase at its peak. The substantial growth catapulted QNT to the forefront of the top performers of the crypto market, stabilizing at its current trading price of $105.5.

QNT to USD coinmarket cap

Interestingly, Ripple, another major player in the cryptocurrency space, previously collaborated with the Bank of England on a CBDC project focused on the digital pound. Adding to this, it was recently revealed that Ripple partnered with Colombia’s central bank to explore the possibilities of a digital national currency.

These two important developments provide valuable insights. First, the global momentum behind CBDCs continues to gain traction, confirming the growing interest in this transformative technology. Second, the competition within the CBDC solutions space, especially between Quant and Ripple, is only going to get more intense.

Ripple, once considered the frontrunner, is now facing fierce competition from Quant and other crypto companies with which central banks of leading countries are eager to cooperate. This latest partnership between Quant and the Bank of England undoubtedly adds to Quant’s already impressive portfolio of high-level collaborations.

source: u.today