QNT sells-off after UK’s Project Rosalind news

• Quant (QNT) price jumped to near $117 on Friday, but traded near $100 on Monday morning.
• QNT was down amid selling pressure after rallying on news the blockchain platform had collaborated on a UK CBDC with the Bank for International Settlements (BIS) and Bank of England.
• The collaboration is seen as a potential positive trigger for future QNT price gains, although currently bears can target $80.

As major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) struggle with fresh sideways grind, some investors are taking whatever profits they can. This is the case with crypto markets down today.

The price of Quant (QNT) is down 2% in the past hours, trading just under $100 early morning on Monday. 

However, the token had jumped to highs near $117 on Friday after news that the blockchain platform had collaborated with the Bank for International Settlements (BIS) and Bank of England on the UK’s central bank digital currency (CBDC).

QNT’s daily trading volume was $32.3 million, with a 24-hour decline of 26% from a day earlier.

Quant collaborates on Project Rosalind test for UK CBDC

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 played a role in Project Rosalind, acting together with digital transformation platform UST as a project vendor. Project Rosalind is a test for the UK CBDC, which was led by the Bank for International Settlements and Bank of England. Other participants were Bank of Canada, Barclays Bank, Amazon and Mastercard.

The test sought to explore how application programming interfaces (APIs) could be used for CBDC systems.

The test showed that APIs had the potential to enable CBDC systems to deliver several benefits related to payments functionality and security. Rosalind also showed that innovative use cases around CBCDs were possible, including their use in supporting further digitization of the economy.

“For the first time money is ready for the digital age,” said Gilbert Verdian, founder and CEO of Quant. “A CBDC will enable citizens and businesses to automate cumbersome payments and processes and implement logic into money”