Quant, a blockchain for finance pioneer, has announced its involvement as a technology vendor in Project Rosalind. The project, led by the Bank for International Settlements (BIS) and the Bank of England, aims to explore the use of application programming interfaces (APIs) in central bank digital currency (CBDC) systems.
Project Rosalind, directed by the BIS Innovation Hub London Centre, focuses on how APIs can facilitate retail payments in CBDCs and support innovative use cases. The project examines a collaboration model where the public sector provides core infrastructure, and the private sector creates consumer-facing applications. The use of APIs is key to enabling CBDC systems to deliver enhanced payments functionality and security.
One significant outcome of the project is the exploration of use cases that demonstrate how CBDCs can support a more digitalized economy in the future. Quant has played a role in designing and developing API functionalities to support innovation and enable programmability in the private sector.
Quant has partnered with UST, a leading digital transformation company, to work on Project Rosalind. Quant provides the underlying blockchain infrastructure, secure smart contracts, and interoperability of central bank ledgers, while UST builds the frontend Rosalind API layer.
Gilbert Verdian, Founder and CEO of Quant, emphasizes the groundbreaking potential of CBDCs in the digital age. He believes that CBDCs will enable citizens and businesses to automate payments and processes, and presents a vast opportunity for banks and financial institutions to create innovative products and differentiate themselves from competitors.
The BIS Innovation Hub London Centre, established in 2021, is one of six international nodes dedicated to developing public goods in the technology space to support central banks and improve the functioning of the financial system.
Quant, founded in 2018 and headquartered in the UK with a presence in the US, is a key player in the blockchain industry. The company has been instrumental in the adoption of the Blockchain ISO Standard TC307 by 57 countries and has introduced the world’s first interoperable blockchain platform, Overledger.