Quant, the blockchain for finance pioneer, announced its role as part of the vendor team for Project Rosalind. The project, led by the Bank for International Settlements and Bank of England, explored how application programming interfaces could be used for central bank digital currency systems.
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Project Rosalind, directed by the BIS Innovation Hub London Centre, has been testing how APIs could facilitate retail payments in CBDCs and support the exploration of innovative CBDC use cases. The project looked specifically at a public-private sector collaboration model in which the public sector would provide core infrastructure, and the private sector would produce consumer-facing applications. Collaborating with many participants in the ecosystem, the project has proven that APIs could play a key role in enabling CBDC systems to deliver a range of benefits in terms of payments functionality and security.
Another important outcome was innovation through exploring use cases – a world-first – that tested how CBDCs could support a more digitalised economy in the future. Quant has contributed to the work in designing and developing API functionalities to support innovation and to enable private sector programmability.
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Quant partnered with UST, a leading digital transformation company, on the project, with Quant providing the underlying infrastructure and blockchain platform, secure smart contracts and interoperability of central bank ledgers, and UST building the frontend Rosalind API layer.
Gilbert Verdian, Founder and CEO of Quant, said: “For the first time money is ready for the digital age. A CBDC will enable citizens and businesses to automate cumbersome payments and processes and implement logic into money. For commercial banks and other institutions, the opportunity to apply this programmability to create innovative new products that differentiate themselves from challengers and competitors is almost endless. We encourage every bank and financial institution to read the Project Rosalind report and start planning their smart money infrastructure strategy.”
The London Innovation Hub Centre was established by Switzerland-headquartered BIS in 2021 and is one of six international nodes working to develop public goods in the technology space to support central banks and improve the functioning of the financial system.
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