Rigetti and Nasdaq align in pursuit of quantum finance solutions
Rigetti Computing has forged a collaborative agreement with Nasdaq to develop quantum applications to help solve high-impact computational problems in the financial industry.
Key to the effort will be Rigetti Quantum Cloud Services, featuring Rigetti’s multi-chip 80-qubit “Aspen M” series quantum processor, in combination with Nasdaq’s market perspective, domain expertise and data.
“We believe quantum computing has enormous potential for the financial industry and that our Aspen-M series processor is capable of providing the performance, speed, and scale necessary to help forward-leaning companies like Nasdaq adopt quantum computing technology and apply it to critical computational problems,” said Chad Rigetti, founder and CEO of Rigetti in a statement.
The partners will work together to evaluate financial applications, including fraud detection, order matching, and risk management, that may benefit from the ability of quantum computing to solve computational problems with improved accuracy, speed, or cost. They will seek to develop algorithms and software with the goal of demonstrating the advantages of hybrid quantum-classical computers for solving the identified problems, the companies said.
IQT Research has identified the financial service industry as a key market for quantum, where many companies already are developing use cases and applications. In addition to the Rigetti-Nasdaq pairing, Multiverse Computing and IonQ have created a partnership around finance opportunities, and several companies in quantum have been working on applications and other efforts to address finance.
Rigetti announced a $1.5 billion merger with special purpose acquisition company Supernova Partners II last October, and is awaiting its stock market debut.