Can Quant Network’s latest partnership change the market narrative towards QNT
- Quant network has partnered with UST to help financial institutions build CBDCs, stablecoins, and so on.
- QNT follows trend as its price jumps by 10% in the last 24 hours.
In a press release on 22 November, Quant Network [QNT] announced that it partnered with UST, a digital transformation solutions company. The aim of the partnership is to provide technical integration and tokenization services to central and commercial banks and capital markets participants.
Read Quant’s [QNT] price prediction 2023-2024
According to the press release, Quant Network would provide the foundational technology required, while UST would offer interested financial institutions support by designing user interfaces and integration vide its sandbox.
“The partnership facilitates the issuance of central bank digital currencies, digital money in the form of commercial stablecoins, and digital securities onto major distributed ledger networks,” the press release stated.
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 almost a decade, and their customer focus is aligned with our approach. The partnership will ensure that financial institutions can create new business opportunities and innovate with new DLT-embedded products and services to tokenize existing asset classes.”
QNT has room for growth
With the rest of the cryptocurrency market logging positive price gains in the last 24 hours, QNT was not left out. The token’s price rallied by 10% in the last 24 hours. Furthermore, as per data from CoinMarketCap, QNT exchanged hands at $111.94 at press time.
Since FTX’s sudden collapse a few weeks ago, QNT’s price has dropped by 27%. While the price decline mirrored the general market’s downtrend, on-chain data showed there had been fewer QNT sell-offs. In fact, investors have bought more than they have sold.
According to data from Santiment, QNT’s supply on exchanges has fallen by 20% since 7 November. This led to a fall in the asset’s exchange reserves from 2.18 million to 1.77 million in 16 days.
As expected, while its supply on exchanges fell, QNT’s supply outside of exchanges rallied. Since FTX’s fallout, this number went up by 3%.
Further, QNT’s supply distribution showed that holders of 1 to 10,000 QNT tokens remained relentless in token accumulation in the face of numbing market bearishness. Per data from Santiment, the count of this category of sharks went up by 31%.
However, the count of QNT whales that held between 10,000 to 1,000,000 QNT tokens witnessed a steady decline since FTX collapsed. At press time, the number of these whales stood at 172. On 7 November, this cohort of investors stood at 175.
As of this writing, negative sentiment trailed QNT, despite the price rally in the last 24 hours.