Blockchain-for-finance pioneer Quant has partnered with leading digital transformation solutions company UST to provide technical integration and tokenisation services to central and commercial banks and capital markets participants .These services will help financial institutions adopt digital assets as they increasingly realise the benefits of distributed ledger technologies (DLT) by issuing digital money and tokenising existing asset classes for greater settlement speed and access to new markets and clients, a UST spokesperson said 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 their London Innovation Lab. The partnership facilitates issuance of central bank digital currencies (CBDC), digital money in the form of commercial stablecoins, and digital securities onto major distributed ledger networks. 

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 its own approach. “The partnership will ensure financial institutions can create new business opportunities and innovate with new DLT-embedded products and services to tokenise 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 its 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 lifecycle

By working with the two firms, financial institutions can shorten the lifecycle of their blockchain projects to just a few weeks, the spokesperson added. Quant utilises low-code APIs to issue highly secure and 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.

CBDC pilots are now taking place worldwide, which will unlock new capabilities for governments, businesses, and consumers.