Quant Supports Project Rosalind in Exploring APIs for CBDCs

Quant Supports Project Rosalind in Exploring APIs for CBDCs

Time Stamp: June 16, 2023 2:44 AM
Source Node: 2727214

TL;DR: Quant, a blockchain for finance pioneer, partners with Project Rosalind to investigate the use of application programming interfaces (APIs) in central bank digital currency systems. Project Rosalind, led by the BIS Innovation Hub London Centre, is focused on testing the potential of APIs to facilitate retail payments within central bank digital currencies (CBDCs). The project aims to understand how APIs can improve the functionality of CBDCs, and explore innovative use cases for these digital currencies while promoting innovation in the financial sector.

Quant Working With BIS and Bank of England on Project Rosalind

Quant, a blockchain for finance pioneer, has announced its involvement in Project Rosalind, a collaborative initiative led by the Bank for International Settlements (BIS) and the Bank of England. The project aims to explore the use of application programming interfaces (APIs) in central bank digital currency (CBDC) systems. Specifically, it focuses on how APIs can facilitate retail payments in CBDCs and support the development of innovative use cases. The project demonstrates that APIs can play a crucial role in enhancing the functionality and security of CBDC systems.

Project Rosalind also emphasizes the importance of innovation through the exploration of CBDC use cases. By examining how CBDCs can contribute to a more digitalized economy, the project seeks to pave the way for future advancements. Quant has actively contributed to the project by designing and developing API functionalities that foster innovation and enable programmability in the private sector.

Quant has collaborated with UST, a digital transformation company, on Project Rosalind. Quant provides the underlying infrastructure and blockchain platform, secure smart contracts, and interoperability of central bank ledgers, while UST focuses on building the frontend Rosalind API layer.

Gilbert Verdian, Founder and CEO of Quant, believes that CBDCs are ushering in a new era for digital money, enabling automation of payments and processes, as well as the implementation of logic into money.

He encourages banks and financial institutions to review the Project Rosalind report and start planning their smart money infrastructure strategy.

The BIS Innovation Hub London Centre, established by BIS in 2021, is responsible for overseeing Project Rosalind. It is one of six international nodes dedicated to developing technology-based public goods that support central banks and enhance the functioning of the financial system.

Read Also: Colombia’s Central Bank Partners with Ripple to launch CBDC pilot

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