Quant (QNT) recently experienced a surge in its price, jumping to near $117 on Friday before settling near $100 on Monday morning. This spike was likely due to news of the blockchain platform collaborating with the Bank for International Settlements (BIS) and Bank of England for Project Rosalind, a test for the UK’s central bank digital currency (CBDC).
However, the crypto markets are in decline today, bringing with it a 2% decrease in the price of Quant (QNT) in the past hours.
Quant, founded in 2018, is a UK-based blockchain platform that seeks to make it easy for traditional financial institutions to tap into blockchain technology. The platform pioneered the interoperable blockchain network Overledger, which market experts say could be critical to the development of CBDCs.
On 16 June, Quant announced it had acted as a project vendor with the digital transformation platform UST for Project Rosalind. Other participants of the test were Bank of Canada, Barclays Bank, Amazon and Mastercard.
Project Rosalind sought to explore how application programming interfaces (APIs) could be used for CBDC systems, and it showed that APIs had the potential to enable CBDC systems to deliver several benefits related to payments functionality and security.
Gilbert Verdian, founder and CEO of Quant, said that “For the first time money is ready for the digital age” and “A CBDC will enable citizens and businesses to automate cumbersome payments and processes and implement logic into money.” He also urged banks and other financial institutions to read the Project Rosalind report and start planning their smart money infrastructure strategy.
Quant’s role in Project Rosalind served as a positive catalyst for the price of QNT. In terms of price movement over the past 10 months, however, the bear market sell-off has seen the token trade more than 76% from its all-time high above $427. If the support level near $95 fails, QNT could drop to sub-$80 levels, a target for bears. If an upbeat sentiment permeates the crypto market, however, QNT could recover and target $200 with two likely hurdles on the upside being $105 and $120.
