Blockchain-for-finance pioneer Quant has partnered with leading digital transformation solutions company UST to provide technical integration and tokenization services to central and commercial banks and capital market participants. These services will help financial institutions adopt digital assets as they increasingly realize the benefits of distributed ledger technologies (DLT) by issuing digital money and tokenizing existing asset classes for faster settlement speeds and access to new markets and customers, a spokesperson said for UST here.
Central bank digital currencies
Quant will provide the foundational technology and UST will support through user interface design and integration via its sandbox based at its London Innovation Lab. The partnership facilitates the issuance of central bank digital currencies (CBDC), digital money in the form of commercial stablecoins and digital securities to large distributed ledger networks.
Gilbert Verdian, founder and CEO of Quant, said that UST has been at the forefront of blockchain services for nearly a decade, and their customer focus is in line with its own approach. “The partnership will ensure that financial institutions can create new business opportunities and innovate with new DLT-embedded products and services to tokenize existing asset classes.”
Daniel Field, Global Head of Blockchain, UST, said the company has partnered with Quant because of the flexibility and agility inherent in the technology. “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,” he added.
Blockchain project life cycle
By partnering with the two firms, financial institutions can shorten the lifecycle of their blockchain projects to just a few weeks, the spokesperson added. Quant uses low-code APIs to issue highly secure and externally validated digital assets and tokenized currencies. The Overledger Gateway enables business flows used by banks for accounts, payments and settlements, and can be connected to exchanges and asset management venues.
CBDC pilots are now taking place around the world, which will unlock new opportunities for governments, businesses and consumers.
Published November 23, 2022
