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QNT Surges by 35% in 24 Hours Amid Growing Interest in CBDCs

By:
Oluwapelumi Adejumo
Updated: Feb 3, 2022, 13:00 GMT+00:00

The native token of the Quant network, QNT, has rallied by over 40% within the last seven days, leveraging on the growing interest in CBDCs.

Quant Network Surges by 35% in 24 Hours Amid Growing Interest in CBDCs

Quant Network’s native token, QNT, has seen a 35% rise in the past 24 hours as it continues its rally, which has been on for the last seven days. 

QNT Price Rallies by 43% in 7 Days

The rising value of the token is possibly due to the network interest in Central Bank Digital Currencies (CBDCs).

The network, which started in 2015, has an experienced former government employee, Gilbert Verdian as its founder. It solves interoperability challenges on the blockchain. 

With its overledger functionality, Bitcoin, Ripple, and Ethereum ledgers are interoperable with Quant protocol. This has led to the network being described as the operating system connecting all blockchains.

With its new interest in CBDCs, the Quant network seeks to enable open access to the digital currencies issued by the central bank. In a series of tweets and on its blog, Quant has outlined the several advantages of CBDCs. 

This includes more liquidity for individuals, security, financial inclusion, faster and more effective cross-border transactions, and more.

Its goal is to give wholesale and retail market participants the same access to CBDCs that commercial banks would have. 

Quant claims this is challenging since all participants aren’t on the same DLT network. But its overledger DLT gateway enables interoperability which can connect all DLT networks.

As of press time, QNT is currently trading at $131.35 and is the 66th largest crypto asset by market cap.

Interest in CBDCs is Getting Higher Among Countries

Talks about CBDCs have increased in recent months as government authorities, and several individuals have weighed in on the issue. Already, a number of countries have stepped up their pursuits of a national digital currency, with some already in their pilot stage.

We recently reported that the India Digital Rupee issued by the Reserve Bank of India may be available between 2022 and 2023. The Ministry of Finance confirmed this, stating that issuance would be in this fiscal year.

The apex bank of Jamaica also plans to release 230 million Jamaican Dollars CBDCs by March, and China is gearing to roll out its digital Yen during the Winter Olympics.

In the US, the Federal Reserves recently released a report which mainly discussed the potential benefits and risks of CBDCs. However, with research still ongoing, there’s no timeline yet on whether the US is going build its own Digital Dollar

About the Author

Oluwapelumi is a firm believer in the transformative power power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas about how the industry could play a pivotal role in the emerging financial system. When he is not writing, he is looking to meet new people and trying out new things.

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