Indian tech giant TCS launches crypto trading solution for financial institutions
July 8, 2020, 10:50AM EDT · 2 min read
- Indian tech giant Tata Consultancy Services (TCS) has launched a crypto trading solution for financial institutions
- A TCS spokesperson told The Block that one customer has already signed up for the solution and “a few more” are close to signing up, without disclosing any names
- Sumit Gupta, CEO of Indian crypto exchange CoinDCX, told The Block that the news is “extremely promising” for the Indian crypto industry
Tata Consultancy Services (TCS), India’s largest tech company and the second-largest company by market capitalization, has launched a cryptocurrency trading solution for financial institutions.
Dubbed “Quartz Smart Solution for Crypto Services,” the solution allows banks and investment firms to provide crypto trading services to their clients. The solution supports multiple cryptocurrencies, stablecoins, and trading venues.
TCS said the solution is integrated with several features, including multi-signature wallets, exchange and OTC desk connectivity, and blockchain forensic checks, to ensure that a transaction is executed only after proper validation and authorization.
A TCS spokesperson told The Block that one customer has already signed up for the solution and “a few more” are close to signing up, without disclosing any names.
“Progressive financial institutions are looking to provide [crypto trading services] to their clientele,” said R Vivekanand, global head of Quartz at TCS. “We are excited to offer them our robust, secure and scalable solution for trading, storing and transfer of these assets.”
Quartz is a TCS-incubated startup and provides various blockchain solutions across industries, including “Smart Ledgers” and “DevKit.”
Sumit Gupta, CEO of Indian crypto exchange CoinDCX, told The Block that the TCS news is “extremely promising” for the Indian crypto industry. “TCS must have seen increasing demand in the Indian space, directly from their banking and investment firm clients, for such products."
"While the inception of such products shows that established financial institutions believe crypto will be part of the financial ecosystem, the right way forward will require smart and sensible crypto regulations,” Gupta added.
The news comes at a time when India's finance ministry is said to be seeking inter-ministerial consultations on a “note” reportedly related to a crypto ban and when major banks in India are still hesitant to serve the crypto sector.
Banks are waiting for clarity and directions from the Reserve Bank of India (RBI), even though the country's Supreme Court overturned the RBI's April 2018 circular that had barred banks from serving crypto exchanges and firms.
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