Quant Partnerships (Part 1)
The following is an overview covering a list of five different partners of Quant Network as of May 5th, 2021.
This overview will cover what each individual company does, their impact in their own field of work, the type of partnership they possess in relation to Quant (strategic or cliental), and my thoughts specifically as to how I view this partnership overall.
Firstly, to give a brief overview on Quant Network and what they as a company is aiming to solve for those of you reading who are new to the project, essentially they aim to provide interoperability at a global scale for different blockchains connecting to an operating system they designed called Overledger. Overledger is an API Gateway that different distributed ledgers can connect to. Currently, in the cryptocurrency space, nearly all networks that have been created can only interact with others built on the same blockchain.
I like to think of this as the equivalent of someone giving you a birthday voucher you can only spend at a specific store.
The type of partnership therefore we should at least be expecting from Quant Network are those that can expand the reach of clients wanting to utilize Overledger, such as banks and institutions who may want to build interoperable payment networks and services, and those that are strategic in the sense of wanting to entice clients to use the network themselves i.e., being partnered with other blockchains.
What it is
Pay UK is an organisation that operates the retail payment systems for the United Kingdom (UK). This essentially means they are responsible for providing, managing, securing, and maintaining 24/7 the movement of money throughout the UK. If you are a business or person living in the UK, every purchase, selling, and bank transfer requires a payment system to perform that transaction i.e., Direct Debit; BACS; Faster Payment and the Image Clearing System. PAY UK is responsible for making sure that these payment systems are at a high standard and function.
For anyone who is wondering how this might differ from Visa and Mastercard, two payment Networks that you see on your bank debit and credit cards and will offer a service to banks and businesses such as bank transfer and the purchasing of goods. PayUK is the leading retail payment authority that sets the standards for Visa and Mastercard to provide the service in processing those transactions in the UK. These two behemoth companies comply and register to the framework set out by PayUK.
Recorded from their website, PayUK was responsible for processing 9.2 billion payments valued at £7.4 trillion pounds (over $10 trillion dollars) in 2019. The payments they processed were 4.5 billion Direct Debits, 247 million cheques, and 2.4 billion Faster Payments across the UK.
Cool side note: Faster payments was a UK banking initiative originally founded by 9 high street banks in the UK to reduce the time the BACS system took to process money moving from an account in one bank to another- 3 days. This new system allowed people to transfer money from one another regardless of who they were banking with in the UK, and do it in a matter of seconds. The faster Payments Initiative is regulated by PayUK.
PayUK aims to work with Guarantor’s and Payment participants to shape the retail payments system for the future, including working on the New Payments Architecture (NPA)- a vision for the UK’s retail payment infrastructure, which works on organising the clearing and settlement of payments between banks (aka interbank payments). The NPA aims to incorporate the IS020022 messaging standard.
For anyone reading this blog I highly propose you look into the ISO20022 (A cross-border payment standard) in depth.
In relation to the NPA, Finextra on 7th February 2019 wrote a blog on the matter and stated that the NPA should be fully live by 2030, in which the core of the system begins operating in either 2024 or 2025. This would mean businesses would begin migrating from the Faster payments system or BACS, onto NPA during those years, earliest. I found this interesting personally because ISO20022 is supposed to go live in 2021 November for global banks using the SWIFT payment system for cross-border transactions, as well as banks in the European Union (EU) utilising an EU payment rail for cross border transactions. The UK and the United States of America (USA) aim to begin the migration of their banking system by 2022. However, the keynote in all of this is that the road map for ISO20022 states migration should be completed by 2025, therefore the NPA migration may be completed sooner rather than later.
Link to the blog here
Link to the ISO20022 ROAD MAP written June 21st 2019, here.
Relation to Quant
Quant Network was appointed a Guarantor of PayUK on 8th February 2019. In accordance with PayUK, guarantors are a substitute for shareholders whose role is to hold the board of PayUK accountable for continuing the fulfillment of their vision and strategic objectives.
Below is a list of powers Quant Network possesses as a Guarantor of PayUK in accordance with Quant’s website.
• the right to attend and vote at Annual and Extraordinary General Meetings; • from time to time to vote on ordinary or special resolutions which require their approval; • to act collectively to monitor and amend Pay.UK’s constitution; • to confirm or reject the reappointment of individual members of Pay.UK’s Board of Directors as they appear for reappointment; • to propose candidates to the nominations committee, for prospective Pay.UK Board Directors and; • to confirm the appointment of Pay.UK’s auditors.
When I look at this partnership from my understanding of either party's role, or its potential impact on Quant Networks' ability to fulfill their aims, I think it has phenomenal potential, but currently, we won’t see the true benefits till a decade from now. The partnership in my opinion is a long-term strategic play in which Quant can build a regulatory compliant product that if successfully implemented in the UK could capture a portion of the value in the annual £7.4 trillion payment systems. However, that’s not where the genius of this partnership comes into play. There are at least two main problems this partnership solves for Quant Network.
The first problem is cliental confidence. Institutions and large banks have been skeptical of cryptocurrencies and their value to society for a long time. Since the days of Silk road, the concept that cryptocurrencies are used to circumvent authorities has been vocalised a lot in media. With this partnership Quant Network is helping to overseer that one of the largest payment authorities in the UK is staying true to their vision, which not only installs confidence in clients to utilise their product, but means that Quant Network themselves must value in some sense the moral obligation to be compliant with the law. Confidence, therefore, is instilled in investors who can believe that this is a legitimate project to put their money towards.
The second problem they have overcome is that they won’t be blindsided by any changes in regulations in regard to the product that they put out, when it comes to aiding in a payment system. As of writing, Ripple is famously in court with regulators (Securities and Exchange Commission) over the distribution of their token XRP which is utilised in the products and services they provide. It's not always easy for a domestic company to receive love from their home nation's authority. Quant Network is based in the UK. In turn, it is imperative to have a good relationship with authorities and regulators in the countries they plan to operate their product within so that years later regulators can’t claim that they acted in misconduct.
To bring a sobering reminder, it must be restated that the true realisation and understanding of this partnership won’t be apparent until ISO20022 and NPA have at least had their core systems live, and therefore this won’t translate immediately to the price of the Quant token (QNT) until later.
What it is
Crowdz is a company that aims to speed up and automate the creation, purchasing, and selling of invoices using blockchain technology. Currently, Crowdz uses the Ethereum blockchain’s smart contract features, to allow for invoices to be streamlined and simple.
Invoices are bills sent to clients for services performed, but can also be used to outline the service provided and products, to help track business revenue for taxes, and to help predict future income. However, the process of invoice completion and processing can take up to 120 days. This is detrimental for small businesses that need to get paid for their services on time, as they need to pay employees and purchase resources.
When researching the impact Crowdz had on their field, as someone who personally didn’t understand the gravity of the problem invoicing has caused businesses, I was surprised to see they had partnered with a bank such as Barclays. I was even more surprised that when researching their partnership, Barclays talked about the Crowdz more than the latter, so much so to the point that Barclays has an article on their website talking about their collaboration. Link.
The partnership was formed to help speed up Bank to Bank supply chain (B2B) as quoted from Barclays:
“More than two decades into the internet age, only one in four transactions in the supply chain are digitised. Selling or finding business services can mean flicking through a catalogue, making phone calls, invoicing on paper, and dealing with clunky and antiquated payments systems. The result: more than $4 trillion in lost sales and unneeded costs each year.”
Here's how Barclays described what Crowdz was doing:
“Their solution makes it much easier to find suppliers and sell to other businesses. Documents are digitised as well, meaning transactions that used to take months can happen in a number of milliseconds. It’s more of a click of the mouse, than a journey round the houses.
Crowdz also facilitates the selling of both invoices and purchase orders, allowing smaller businesses to get paid earlier and keep cash flowing, at the best rates possible…”
Furthermore, on 2020 August 10th, Crowdz partnered with a leading business credit score provider, Wiserfunding. This partnership was to help provide service to small, medium enterprises (SME) with revenue’s between 500K-200Million. This would allow Crowdz SMARTSCRORE to garner a default 95% prediction accuracy to identify high-risk customers.
A quote from Crowdz CEO Payson Johnston on the impact of the partnership:
“The UK market is a high priority for Crowdz and this partnership, alongside our participation in an FCA Sandbox test reiterates our focus on building a responsible and impactful presence in the region as we expand…
With more UK businesses than ever seeking additional capital to sustain their businesses, the partnership will safeguard Crowdz’ investors in providing financial relief to SMEs and support the broader economy by reducing reliance on government or bank funding.”
The partnership came as the UK debt at the time of announcement had soared past 103.7 Billion.
Link to the article announcing the partnership.
Relation to Quant
On the 21st December 2018, Quant Network Announced they were partnering with Crowdz to connect their digital B2B network to Quant’s Overledger, so that they can access the power of multiple blockchains.
Payson Johnson the CEO of Crowdz gave a quote that should excite everyone invested in Quant:
“…though Crowdz uses the Ethereum blockchain as the foundation for our Invoice Auction Exchange, we have needed a solution that allows for invoices and other documents to be transferred from one blockchain to another—for example, among Hyperledger, Corda, and EOS. With the Overledger solution from Quant Network, it is now possible to pass data among different blockchains.”
Gilbert Verdian the CEO of Quant Network spoke also on the partnership:
“…this is a great opportunity for us to demonstrate how valuable interoperability is for the financial services sector, combining and interconnecting different blockchains to unlock value. There are huge possibilities for blockchain in trade finance and financial services entities that can leverage Overledger to bring new innovation and products to their customers.”
As a Quant investor, this was one of my favourite partnerships. The partnership is the realisation of Quant’s project in which they have a business that wants to use their solution to fix a problem that hinders their clients. What makes this incredible as a partnership to see, is that the CEO of Crowdz understands the power of blockchain already, so this isn’t an experiment for Crowdz to test unknown waters. Crowdz, by choosing to implement their B2B invoice solution to Quant’s Overledger means that Quant’s Overledger will be used by a variety of businessess with sizeable revenues as well as large banks such as Barclays. This is the mass adoption that we as Investors want to see, it’s not speculation, it’s the steps to utility happening in front of our eyes.
Furthermore, this also eliminates doubt in the retail investor's mind that there isn’t a market for Quant’s Overledger. There is. There are clients. They know what they want.
I see this partnership as both Cliental and Strategic. The cliental aspect is self-explanatory when looking at the surface of the partnership, but when you dive into the layers, and quotes from the CEO of Crowdz upon the partnership with Barclays, you see that Quant has partnered with a client in a region in they’re going to have the roots of their ecosystem in. I refer you to PayUK. Crowdz is a partnership that came before that. The UK is a place that is accepting blockchain solutions and business and encouraging it. The UK has the sixth-largest economy (since 2019) with a GDP of 2.83 trillion dollars. Don’t be surprised when you see a plethora of partnerships coming from enterprises based in the UK as Quant network continues to sink its teeth into their economy and capture a bite.
3. LAC CHAIN
What it is
Latin America Caribbean Chain (LAC CHAIN) is an initiative by a Global Alliance led and formed by an innovation lab from the Inter-American Development Bank. It’s purpose was to develop and promote the blockchain ecosystem in Latin America and the Caribbean.
Members of the global alliance are: The Ethereum Foundation, Hyperledger, The MIT Media Lab, IBM, Accenture, ConsenSys, Alastria Consortium, Everis, NTT data and the Enterprise Ethereum Alliance.
"Through this initiative, we hope to realize the dream of having a large Pan-American blockchain space that is interoperable and open, and that makes blockchain accessible to all citizens and for those who work for a prosperous future with inclusion in Latin America and the Caribbean,” - Irene Arias (The innovation Lab Manager)
LAC CHAIN is a blockchain being developed to allow for general-purpose, in which allows for any type of use that a participant on the blockchain decides. In the words stated on their site:
“Unlike other networks highly oriented to specialized uses, such as payments, food traceability, transparency in public processes; or highly focused on crypto assets, we promote an inclusive and mixed use of any use case. This will allow the diversity of participants, the creation of a truly unique digital space.” - Irene Arias
The ecosystem of LAC CHAIN reaches into 15 countries, and over 30 blockchain development companies listed on their website as you can find here. link.
These companies include some listed in their global alliance, such as:
- Consensys is an Ethereum blockchain technology solution that works on a global scale in over 30 countries to develop.
- AVA Labs, a financial blockchain solution that connects public and private blockchains to a single network (This is important for banks who choose to have private ledgers and not publicise transactions). This is a blockchain solution is built on the Avalanche platform.
- ADHARA, a company that provides expertise in liquidity management and international payments for financial institutions.
As of the time of writing, on their website LAC Chain publish real time weekly statistics on activity on their blockchain, from nodes to transactions.
Below are Transactions
If anyone is interested to view the amount of real time transactions being performed on their blockchain network, they have provided this on their website.
Currently there is over 400 million people living in south America. To conceptualise the amount GDP that could be tapped into, Brazil a BRICS nation, has a GDP of 1.4 trillion dollars, Mexico has a GDP of 1 trillion dollars, Argentina over 350 billion, Columbia over 250billion, and Chille over 200billion. Link
Relation to Quant
On March 31st 2021, Quant Network and LAC Chain formed a partnership aiming to further the development of Distrubuted Ledger Technology based ecosystems in Latin America and the Caribbean. The partnership will at first work towards enhancing social and economic inclusion via as stated from Quant’s article on the partnership:
- Providing interoperability capabilities for LACChain to other DLTs supported by Quant’s unique Overledger technology.
- Providing Overledger’s gateway capability for Lachine participants to integrate with resources and DLNs across the Overledger Network.
- Enabling multi-DLT payments and other capabilities through Quant’s patent-pending multi-DLT token technology.
A short quote on the LAC CHAIN initiative by the Inter-American Development Bank website in 2018 October 30th. Link.
“LACChain is organized as a consortium for the management and administration of an infrastructure that is classified as public-permissioned, following the typologies of ISO (ISO / TC 307). It is therefore a network open to any participant who agrees with the established rules, which are reduced to being identified and complying with the regulation.”
The creator of ISO/TC 307 is Gilbert Verdian, the CEO of Quant Network. LAC blockchain adheres to the standard designed by Mr Verdian, to allow for interoperability amongst different blockchains.
You can lead a horse to the river, but if the horse doesn’t want to drink then there’s nothing you can do. In simple terms you can’t save everyone you meet, thus if someone after seeing this partnership is still in doubt over the integrity and quality of the project Quant Network is working on, then they’re unfortunately a lost cause.
Mass adoption. This is what everyone has questioned about the long-term prospect of cryptocurrencies since their conception, and now you have a project that is being utilised as a key part in helping the development of economic and medical industries throughout a continent.
LAC Chain not only acts a corridor to large clients across South America to develop and use the services provided on Overledger, but it’s a corridor that was specifically created to be used for cryptocurrency purposes, as well as makes Quant Networks Overledger an integral part of it’s operations. The success of LAC Chain, goes in hand with the success of Overledger, and vice versa. That’s mass adoption, intrinsic value that no one can take away from the project.
This was an excellent strategic and cliental partnership not only does it expand the reach of Overledger but allows it to demonstrate Overledger’s capabilities.
What it is
Hyperledger in accordance with their website describe themselves as an open-source community (meaning they have multiple contributors to their platform) for enterprise-grade blockchain deployment, in which members work together to develop stable frameworks, tools and libraries for institutions.
Hyperledger is managed by the Linux Foundation, with the Hyperledger’s executive director being Brian Behlendorf the founder of the Apache foundation. The Apache foundation is famous for creating the Apache HTTP server- an open-source software that powers approximately over 40% of websites to connect a user’s server to the browser of website visitors such as google chrome, and Firefox. The software acts as bridge to allow requests and files ,such as images and text which make up a website, to be sent back and forth from a requesting users server (person visiting a website) and the host of the website server (the website itself).
If you still don’t understand what Apache HTTP is, don’t worry just think of it as the middle man in a long-distance relationship who two people use to send messages through to communicate. (Weird analogy… I know)
Hyperledger was launched in 2016 with 30 founding members that include names such as Accenture, R3, BNY Mellon, IBM, Consensys, Intel, Wells Fargo, and JP Morgan. The Hyperledger foundation has created blockchain projects such as the Hyperledger Fabric, Hyperledger Indy, Hyperledger Sawtooth, Hyperledger Explorer and Hyperledger Quilt.
I’m going to announce now, in advance, that Hyperledger has the most prestigious list of members in its community to the point that they’re tiered:
Notable Premium Members include Accenture; Consensys; JP Morgan; and IBM
Notable General Members include Huawei; Lenovo; Oracle; R3; Ripple; Samsung; Simba; Six Digital; Visa; Swift; Verizon; Walmart
Associate Members include Sovrin; Ethereum Enterprise Alliance; Ethereum foundation; Cloud Security Alliance
Associate Academia include Yale; University College London, University of Cambridge; Blockchain of Berkley and Penn Blockchain.
Also, Microsoft joined in 2019.
In relation to companies working on projects and their impact Hyperledger published through PR Newswire some announcements:
Chainstack, a blockchain service provider, has launched support for Hyperledger Fabric 2.0 – an enterprise grade permissioned distributed ledger platform that allows for the development of applications or modular solutions (segmented parts of the platform that work offline in which data can remain private.)
Oracle is offering to their customers a options to deploy blockchain networks. Oracle has a blockchain enterprise platform on the Hyperledger Fabric, which allows their customers to deploy Oracles blockchain node (think of a small server on the blockchain) in customer data centres or on 3rd party clouds.
Samsung SDS announced they had enhanced features for Nexledger Universal, a blockchain platform. The platform would be powered by Hyperledger fabric, to speed up transactions and offer interoperability.
The Sovrin Foundation announced -
“a new strategic membership initiative aimed at growing the vital and diverse community supporting the Sovrin Network, a decentralized global public network enabling self-sovereign identity on the internet. As a successful implementation of Hyperledger Indy, the Sovrin Network is now built, functional and in use, enabling verifiable credential exchange for many products and services worldwide. To date, the Foundation has laid the essential groundwork required for a successful, trustworthy global Network for identity.”
Here is a link to anyone who wants to go into depth understanding the impact of Hyperledger since 2020.
Relation to Quant
On March 25th 2019, Quant Network announced on through their medium blog, that they would be joining Hyperledger.
A quote from Gilbert Verdian on the partnership-
“We see the immense value of collaborating to bring mass adoption for blockchain technology and contributing with our Overledger operating system which helps unlock the potential of blockchain technology, solving interoperability between blockchains as well as existing networks.”
QNT on 26th April 2019 announced:
“Our CTO, Colin Paterson has been elected the Chair of Hyperledger Quilt to help create an interoperability stack. We’re integrating Overledger’s API and SDK into Quilt to support multi-chain interoperability use cases…”
Perhaps the most important thing for a cryptocurrency project outside of implementing their network, is to be recognised amongst it’s peers as a legitimate project that can contribute on the global stage.
The partnership with Hyperledger is a confirmation of this, as Quant Network will be working alongside, once again, with some serious heavy hitting conglomerates. Previously seen in LAC Chain’s membership column, Hyperledger was noted to be one of the main contributors to the development of networks in South America and the Caribbean, by joining Hyperledger, Quant is likely to also be involved in other high scale projects throughout the next decade.
Another highlight of the partnership came recently after the announcement, in which Quant Network stated after an event known as Blockchain Expo, that they would be working to provide and enable interoperability to Hyperledger Quilt by integrating their Overledger API. Hyperledger Quilt works to enable payments across any payment network. This immediately makes me think of PayUK in which they organise and manage payment networks in the UK. We are now beginning to see the links between partners in different projects and the possibility to be crosslinked into other mediums.
As someone who invested in XRP, I am used to seeing news about Hyperledger due to their ties to Ripple and their use of the interledger protocol, so for Overledger to be brought alongside such large scale platforms it speaks to the stregnth of the project and it's uniqueness.
What it is
SIA S.p.A, was founded in 1977, as noted from their website it is an institution that designs, creates, manages technological infrastructure and services for Central Banks, Financial Institutions, Corporations, and the Public Sector as well as Digital Payment Solutions and Capital Market/Network solutions.
I like to think of their work in likeness to a combination of what PayUK are and what LAC Chain are doing… but on a much larger scale.
SIA is a subsidiary group of CDP (their parent company), with their headquarters in Milan, Italy. They are currently working on various new innovations in relation to several topics :
- New Payment Solutions
- Digital Identity
- Smart Mobility & City
- Digital Identity
- Blockchain & DLT application
- Open Banking and Finance
- DATA & Advanced Analytics
SIA group provides services in over 50 different countries through it’s subsidiaries. These countries include, but not limited to: Belgium; Germany; Nertherlands; South Africa, as well as representation offices in the UK and Poland.
Their major shareholders are Deutsche Bank, Mediolanum, BANCO BPM. The two main companies in control are FSIA investments, and CDP Equity.
Delving into explaining the aims of their innovations, their new payment solution focuses on Consumers and Merchants.
SIA’s focus of their Consumer solutions involves providing:
“innovative payment methods, both in proximity and remote, for example through virtualized cards, eWallet, tokenized vouchers or through innovative identification methods (e.g., biometrics, certificates)”
In relation to their Blockchain and DLT applications, they stated they were working on two areas. Interoperable ecosystems and digital asset representations:
“ Platforms for sharing information that do not require a high-level coordinator in order to orchestrate ecosystems involving various players.”
On the 19th of November 2020, the European Central Bank chose SIA for connecting them to European market infrastructures through a single access interface ( Eurosystem Single market infrastructure Gateway - ESMIG).
This is a big deal, as ESMIG relates to ISO20022, which was discussed earlier in the PayUK section. The Eurosystem, as explained on SWIFT’s website – the current global payment network, aims for a real-time gross settlement system for transactions on their payment networks, and for these settlements to be in central bank money. This would likely be a Central Bank Digital Currency (CBDC).
The Eurosystem will therefore in accordance to SWIFT, migrate it’s network to ISO20022 messaging standard, starting November 2022.
ESMIG, a component of the Eurosystem will aim to make it easier for participants (mainly those in whole sale banking for institutions and other banks) to gain access and use the Eurosystem’s services from a single-entry point when the network migrates to ISO20022. Link.
The CEO of SIA, Nicola Cordone gave a quote on the partnership:
“We feel very honoured that the European Central Bank has selected SIA and our partner Colt for access to financial market infrastructures of strategic importance for the entire Eurozone. This remarkable new international success represents further acknowledgement of the absolute reliability, solidity and security of our infrastructure and technology services, currently supporting the modernization initiatives of about 20 central banks all around the world.” Link.
For further information in relation to SIA and their scale, I highly recommend checking out CryptoSeq (name is linked to twitter account) who also provides phenomenal content on Quant Partnerships. He wrote a phenomenal blog solely on this partnership that will blow your mind. Seriously this guy puts out incredible articles detailing the Tokenomics of Quant, as well as explaining Overledger and it’s network. Link to CryptoSeq’s SIA article:
Relation to Quant
On 5th June 2019, Quant Network Partnered with SIA to explore innovative solutions in relation to blockchain interoperability for banks and financial institutions. They announced to explore blockchain interoperability and the creation of agnostic cross-platform applications and services for banks and financial institutions.
SIA stated on the partnership:
“The partnership aims to integrate Quant Network’s blockchain operating system Overledger into the SIAchain infrastructure to enable interoperability, one of the biggest challenges and unmet needs faced by the financial industry to develop and implement blockchain and Distributed Ledger Technology based applications spanning different technologies.”
SIAchain is stated to be a private infrastructure using 570 European Network nodes via SIAnet.
Gilbert Verdian also provided a statement on the Partnership:
“We’re pleased to collaborate with SIA to explore how Overledger can enable financial institutions on SIAchain or part of SIAnet to benefit from cross-platform and interoperable blockchain applications to embrace new business models, improve operational efficiencies and deliver new innovation to customers.”
On 24th June, 2020 SIA announced an update on the partnership between themselves and Quant Network.
The announcement a year later, from when the two joined together, comes with good news as SIA state that they have successfully tested cross blockchain interoperability between multiple distributed ledger technology protocols. The breakthrough was stated to be achieved by integrating Overledger technology, and as SIA state it is the world’s only DLT operating system that allows interoperability into the SIA private blockchain that leverages now 580 European network nodes within SIAnet.
Services they were able to cover were notarisation, payments and know your customer identification (KYC). The full program testing has been executed on SIAchain, R3 Corda and private Ethereum platforms.
Quant Network and SIA will now work to develop and implementing further innovative use cases and applications addressing blockchain interoperability challengers.
Daniele Savare, the director of SIA overseeing Innovation and Business solutions stated:
“The achievement of a fully interoperable blockchain network, through our collaboration with Quant Network, is another key-element in our path of bringing innovation and state-of-the-art technologies for supporting banks, financial institutions, corporates and public administration bodies to extend their capabilities in integrating different DLT business applications.”
Gilbert Verdian, CEO of Quant Network stated:
“The partnership between Quant Network and SIA has been extremely positive and productive from the very start and both companies are confident that this development will play an integral part in building the financial infrastructure of the future globally.”
There comes a time in the progression of technology in every field in which an innovation becomes an integral part of society. Sometimes, these staples that hold society tight and allow for technology to progress are recognised or unknown to the public, yet each one’s presence can be felt throughout history when looking back at how far a field has technologically advanced.
In the future people will look back at the financial sector, and single out Quant Network’s Overledger as one of the greatest innovations of it’s generation.
This partnership will be looked back upon as the point in which future investors in the cryptocurrency space will wish they took notice of what was being built, and should have invested. It’s one thing to partner with a conglomerate that has over 580 banks/ financial institutions (including 20 central banks) connected to them, it’s another thing to make the partnership a successful one that bridges all of them. Straight from the mouth, Overledger has been a success in implementing it’s core initiative not only across SIAchain, but also to R3 Corda (who are massive) and Ethereum’s private platforms.
What makes this partnership standout, is the update, and for SIA to testify the success of Overledger.
Though this partnership has a strategic element to it, the partnership is primarily cliental based. They’ve satisfied a client whom wanted to utilise their operating system. That is the beauty to what Quant has achieved here. Another factor is the scale of the partnership is going to coincide with the transformation of the financial system and forth bringing of the 4th industrial revolution. The ISO20022 system migration begins for some in November 2021, but for other in 2022. I don’t like giving price predictions on why this is huge, but this means Quant will therefore be utilised throughout that period of time, and the utility shall bring out the true value of the network and tokens. As more people migrate to ISO20022, the more Overledger will be utilised, and this means they will likely not be heavily impacted by a bear market, because demand is still going to be there regardless of the crypto speculator.
I say as a Quant investor, personally, and someone with an interest in Crypto in general,
Congratulations to Quant Network on achieving something that over 99% of projects won’t come close to matching.