By
Steve Muchoki
April 23rd, 2024
Tata Consultancy Service, a part of Tata Group, has mentioned that its Quartz blockchain solution will now work with RippleNet.
Ripple’s payment solutions are actively used by a wide range of fintech startups and international payment firms of different sizes. One of the main factors that at the current moment are actively boosting the popularity of Ripple’s products is a huge interest in them from the side of large global financial institutions and national banks of different countries.
The company is expanding its client base by establishing multiple partnerships with various firms that want to join RippleNet and enjoy the benefits of other advanced solutions developed by Ripple. And it is said that all these gradual moves may make Ripple’s solutions closer to mainstream adoption.
Partnership with TCS
Recently, it has become known that now the global IT giant, Tata Consultancy Service (TCS), a part of Tata Group, is added to the list of Ripple’s partners. This Indian Multinational IT service provider with a headquarter in Mumbai has mentioned that now its Quartz blockchain solution works with RippleNet.
TCS’s Quartz blockchain solution is built to be used in a wide range of areas and industries, including payments, settlement, trade finance, information exchange, e-Governance, supply chain, healthcare, digital identities and others.
According to the company, Quartz can be described as an API that is able to ensure connection with existing distributed ledger payment infrastructures and blockchain platforms.
Thanks to this solution, companies are able to implement practically instant settlement of remittances and introduce lower foreign exchange conversion fees. As a result, firms that apply this solution get instantaneous tracking of transactions and an increased liquidity.
Given the specificity of this solution, Quartz can work not only with Ripple’s RippleNet but also run xRapid that utilizes XRP as the base currency for transferring funds. It also means that such a cooperation may be rather beneficial for XRP’s market status.
It is also expected that adding of TCS to its client base Ripple will get a chance to increase the number of its customers by a huge margin.
At the current moment, TCS’s payment solutions, dubbed BaNCS, are deployed in over 450 installations across the world and have over one billion active users. TCS will bring to RippleNet such important clients as General Electric, Citibank UK, and Microsoft.
$25 Million Donation
But this great news is not the only reason to talk about Ripple today. According to the information revealed, Chris Larsen, co-founder of Ripple, and his wife Lyna Lam have contributed $25 million in XRP tokens to San Francisco State University’s (SFSU) College of Business.
The donation has been done through RippleWorks, a private foundation that is aimed at providing practical support to the most prominent social entrepreneurs. It is said that these funds will be allocated for supporting students that are interested in studying global entrepreneurial and fintech ecosystems.
The move is in line with Ripple’s formal social impact program dubbed “Ripple for Good” launched last year. The company has decided to invest in projects focused on education and financial inclusion.
Previously, Ripple has already donated to several universities with a view to supporting education in the sphere of blockchain and cryptocurrencies.
* To learn more about XRP coin, Ripple Labs company and their innovative solutions, please check out our awesome “What is Ripple?” guide.