The Bank of England and the Bank for International Settlements (BIS) have joined forces in a breakthrough joint venture called the Rosalind project, according to London-based business blockchain solutions vendor Quant. The effort intends to investigate APIs’ potential in the creation of CBDC systems.
The market has responded overwhelmingly favourably to this ground-breaking alliance, with Quant’s native token, QNT, seeing an astounding increase of 7% at its peak. With its current trading price settling at $105.5, the significant surge drove QNT to the forefront of the top performers in the cryptocurrency market.
It’s interesting to note that Bank of England and Ripple, another significant figure in the cryptocurrency world, previously worked together on a CBDC initiative centred on the virtual pound. Additionally, it was recently revealed that Ripple and Colombia’s central bank formed a collaboration to investigate the possibility of a digital national currency.
These two important discoveries provide insightful information. First, there is rising interest in this game-changing technology, as seen by the worldwide momentum behind CBDCs. Second, there will be more rivalry within the CBDC solutions market, especially between Quant and Ripple.
Former front-runner Ripple is coming up against stiff competition from Quant and other cryptocurrency firms that the central banks of powerful countries are willing to work with. Undoubtedly, this most recent agreement between Quant and the Bank of England boosts the former’s already strong portfolio of important partnerships.
