Technology used in Bank of England’s CBDC project now available to any business

Quant, the blockchain for finance pioneer, today unveiled Overledger Platform: the infrastructure used in Project Rosalind - the Bank of England and Bank for International Settlements’ retail CBDC project – available to all via software-as-a-service. Overledger Platform makes the same enterprise-grade technology, the same interoperability core, the same secure smart contracts and the same issuance, secure bridging and atomic settlement functionality that have underpinned Quant’s projects with institutional and central bank customers to-date, accessible to large enterprises, SMEs and developers for the first time.

Overledger Platform establishes a new benchmark for enterprise blockchain, universal interoperability and ease of use. It’s a low code SaaS that allows customers to issue digital money and interoperable assets with just a few clicks, move them from one blockchain network to another, write new apps that will run on any network, create secure smart contracts that will execute on any blockchain, and use simple APIs to integrate with their existing systems. With Overledger, this can take a developer minutes, rather than being a months-long project that can only be delivered by specialised blockchain experts.

The launch of Overledger Platform comes at a critical time for the financial services industry. Although the unregulated crypto experiment has failed, blockchain-based infrastructure and systems, regulated tokenised money and digital assets are still central to innovation. In tandem, it is expected that the value of tokenised assets will reach $4 trillion by 2030 but businesses are scrambling to hire the right expertise or a plethora of developers to capitalise on the opportunity presented by this new technology.

Quant’s platform solves this problem by allowing any business to access blockchain and unlock its benefits. As Quant continues to work on projects with financial institutions worldwide, its platform is updated regularly, ensuring that all Overledger customers, big or small, benefit from new innovations as they are developed.

“From central banks to their commercial counterparts, from issuers to asset managers, the financial world is now wise to the transformational value of blockchain. Already used in some of the most demanding use cases in finance, Overledger is the grown-up approach to implementing this technology, one that any developer or business can now use to expand their offering, getting to market at speed and with ease,” comments Gilbert Verdian, founder and CEO. “We think this is a game-changer for anyone that wants to build a business in the blockchain economy.”

Martin Hargreaves, Chief Product Officer, says: “Until now, businesses have struggled to capitalise on the benefits provided by blockchain because it’s a complex technology requiring specialist skills. Overledger Platform changes all that. It’s simple to use, continually updated, and integrates seamlessly with your existing systems. That’s how it unlocks the power of blockchain for everyone.”