- The Quant Network has partnered with UST to help financial institutions create CBDCs, stablecoins, and so on.
- QNT follows the trend as its price rises by 10% in the last 24 hours.
In a Nov. 22 press release, Quant Network [QNT] announced that it has partnered with UST, a digital transformation solutions company. The goal of the partnership is to provide technical integration and tokenization services to central and commercial banks and capital market participants.
Read Quant [QNT] price prediction 2023-2024
According to the press release, Quant Network will provide the required core technology, while UST will offer support to interested financial institutions by designing user interfaces and integrating its sandbox.
“The partnership facilitates the issuance of central bank digital currencies, digital money in the form of commercial stablecoins and digital securities on major distributed ledger networks,” the press release said.
On why the partnership with UST was necessary, Gilbert Verdian, founder and CEO of Quant, said:
“UST has been at the forefront of blockchain services for nearly a decade and their customer focus aligns with our approach. The partnership will ensure that financial institutions can create new business opportunities and innovate with new integrated DLT products and services to tokenize existing asset classes.”
QNT has room for growth
With the rest of the cryptocurrency market posting positive price gains over the past 24 hours, QNT has not been left out. The token price has increased by 10% in the last 24 hours. Also, according to data from CoinMarketCap, QNT was trading hands at $111.94 as of press time.
Since the sudden collapse of FTX a few weeks ago, the price of QNT is down 27%. While the price drop mirrored the overall market’s downward trend, on-chain data showed that there had been fewer QNT sales. Indeed, investors bought more than they sold.
According to data from Santiment, the supply of QNT on exchanges has decreased by 20% since Nov. 7. This resulted in a reduction in the asset’s foreign exchange reserves from 2.18 million to 1.77 million in 16 days.
As expected, while its supply on exchanges has decreased, QNT’s supply off exchanges has increased. Since the FTX fallout, this number has increased by 3%.
Furthermore, the distribution of the QNT supply showed that 1 to 10,000 QNT token holders remained relentless in accumulating tokens in the face of the crippling market downturn. According to data from Santiment, the count of this category of sharks has increased by 31%.
However, the count of QNT whales which held between 10,000 and 1,000,000 QNT tokens has seen a steady decline since FTX collapsed. At press time, the number of these whales stood at 172. As of Nov. 7, this cohort of investors numbered 175.
As of this writing, negative sentiment has followed QNT, despite the price rally over the past 24 hours.