Major Indian Company TCS Launches Cryptocurrency Trading Solution for Banks’ Customers
Leading Indian IT company, Tata Consultancy Services (TCS), is launching a cryptocurrency trading solution for banks to allow their customers to invest in cryptocurrencies. TCS is part of the Tata group, India’s largest multinational business group, and is listed on two stock exchanges in India.
TCS Crypto Service Solution
India’s cryptocurrency industry just got a boost when Tata Consultancy Services (TCS) announced Wednesday the launch of its “Quartz Smart Solution for Crypto Services.” TCS is India’s leading IT services, consulting, and business solutions organization, part of the Tata group, India’s largest multinational business group. The company is listed on two Indian stock exchanges: the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange).
Quartz Smart Solution for Crypto Services aims to help financial institutions offer cryptocurrency trading, the TCS announcement explains, adding that it “allows banks and investment firms to enable investments and portfolio diversification into cryptocurrencies and digital assets for their clients.” The company elaborated:
The solution is designed to support multiple cryptocurrencies and stable coins, digital currencies linked to fiat currencies, trading venues and public blockchain networks.
TCS further emphasized, “Importantly, it can help banks and investment firms offer their customers the ability to transfer payments in the form of ‘digital cash’, and benefit from lower transaction costs and quicker access to liquidity.”
With over 448,000 consultants in 46 countries, TCS generated revenues of $22 billion in the year ended March 31. Quartz, a startup incubated by TCS, enables existing systems to integrate with blockchain platforms and other messaging networks.
According to the TCS website, Quartz Smart Solutions is part of the Quartz Smart Ledgers. The other Quartz solutions offered alongside the Smart Solutions are Devkit, which the website describes as smart contract development kits for different blockchain technologies; Gateway, which comprises solutions for integrating existing applications with blockchain ecosystems/networks; and Command Center, which comprises “solutions that facilitate administering and monitoring of the entire ecosystem.”
R Vivekanand, TCS’ Global Head of Quartz, commented:
Cryptocurrencies, digital fiat currencies and digital assets are poised to become viable alternate avenues for investments, hedging and portfolio diversification.
He added: “Progressive financial institutions are looking to provide these options to their clientele. We are excited to offer them our robust, secure and scalable solution for trading, storing and transfer of these assets.”
Quartz is also hosting an event on July 15 with partner Techex Digital on “The New Age Crypto World.” Among the topics that will be discussed are how organizations can benefit from having crypto assets and tokenized securities in their product strategies and how cryptocurrencies are “influencing the world of finance as we know it.” Event panelists will discuss “The decreased usage of cash and the future of finance in the context of crypto assets, tokenized securities and central bank digital currency,” “How regulatory direction is bringing cryptocurrencies into mainstream,” and “How industries can ride the wave and embrace this disruptive trend.”
The crypto ecosystem in India continues to grow as the Indian government deliberates on how cryptocurrency should be treated in India. Local crypto exchanges have been reporting record-high trading volumes and new signups. New trading platforms are also launching in the country and, recently, global crypto exchange Binance joined the Internet and Mobile Association of India (IAMAI).
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