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

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

We’re proud to be part of the vendor team for #ProjectRosalind. Congratulations to all involved at @BIS_org and the @BankOfEngland. An important and successful project.#CBDC #DigitalPoundhttps://t.co/y44Jxasws4

— Quant (@quant_network) June 16, 2023

The market response to this groundbreaking partnership has been resoundingly positive, with Quant’s native token, QNT, experiencing a remarkable surge of 7% at its peak. The substantial increase propelled QNT to the forefront of the crypto market’s top performers, with its current trading price settling at $105.5.

Interestingly, Ripple, another prominent player in the cryptocurrency sphere, previously collaborated with the Bank of England on a CBDC project centered on the digital pound. Adding to this, it was recently disclosed that Ripple forged a partnership with the central bank of Colombia to explore the prospects of a digital national currency.

These two significant developments offer valuable insights. First, the global momentum behind CBDCs continues to gain traction, affirming growing interest in this transformative technology. Second, competition within the CBDC solutions sector, particularly between Quant and Ripple, is set to intensify further.

Ripple, once perceived as the frontrunner, now faces formidable competition from Quant and other crypto companies that central banks of leading nations are eager to collaborate with. This latest partnership between Quant and the Bank of England undoubtedly strengthens the former’s already impressive portfolio of high-level alliances.