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

Fri, 06/16/2023 - 14:30
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Gamza Khanzadaev
Ripple's dominance shaken as Quant (QNT) partners with Bank of England
Ripple Rival Quant (QNT) up 7% as Bank of England CBDC Partnership Unveiled
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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.

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.

QNT to USD by CoinMarketCap

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.

Ripple to Help Bank of England Build CBDC? Here's Why It May Be So

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.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.