These services will help financial institutions adopt digital assets, as they increasingly realise the benefits of distributed ledger technologies by issuing digital money and tokenising existing asset classes for greater settlement speed and access to new markets and customers.
What does the partnership mean for financial institutions?
Quant will provide the foundational technology, and UST will provide support through user interface design and integration via its Sandbox based in their London Innovation Lab. The partnership facilitates the issuance of central bank digital currencies, digital money in the form of commercial stablecoins, and digital securities onto major distributed ledger networks.
Financial institutions can shorten the lifecycle of their blockchain projects to just a few weeks. Quant utilises low-code APIs to issue externally validated digital assets and tokenised currencies. Its Overledger gateway enables business flows used by banks for accounts, payments and settlement, and can plug into exchanges and venues for asset management.
The global tokenisation market was valued at $2B in 2021; compounding growth of twenty four percent is expected over the next eight years, according to Grand View Research.
CBDC pilots are taking place worldwide, which will unlock new capabilities for governments, businesses, and consumers. Today, more than 50 countries are in an advanced phase of exploration for CBDCs, and 19 of the G20 countries are considering a digital currency.
What does the partnership mean for Quant and UST?
Gilbert Verdian, Founder and CEO of Quant, said, “UST has been at the forefront of blockchain services for almost a decade and their customer focus is aligned with ours. The partnership will ensure that financial institutions can create new business opportunities and innovate with new DLT-embedded products and services to tokenise existing asset classes.”
Commenting on the partnership with Quant, Daniel Field, Global Head of Blockchain, UST, said, “We have partnered with Quant because of the flexibility and agility inherent in its tech. Built with financial institutions in mind, Quant’s Overledger API gateway is the perfect foundation to bring the benefits of blockchain to a multitude of businesses in this sector.”