Muhaimin is a journalist, a fintech and crypto enthusiast who is passionate about its development in Africa and across the globe. Muhaimin derives pleasure in reporting and analysing happenings in the crypto world and a believer in Blockchain technology.
Indian Tata Consultancy Services announced the launch of Quartz Smart Solution for Crypto Services. The platform will enable multi-signature wallets, exchange and OTC desk connectivity as well as blockchain forensic checks.
Tata Consultancy Services (TCS), the largest tech firm based in India on Wednesday launched a crypto trading solution for financial institutions in the country. The new product launched would enable banks and other financial institutions to provide a platform to offer crypto trading services to their clients.
Called Quartz Smart Solution for crypto services, it enables several cryptocurrencies, stablecoins, and trading venues. Alongside providing crypto trading solutions, the platform also enables multi-signature wallets, exchange and OTC desk connectivity, and blockchain forensic checks. The last ensures that transactions are only carried out after proper validation.
Tata, in a statement, said the initiative primarily is to help banks offer crypto trading services. Reportedly, people already signed up for the solution, and more people are about to get registered. R Vivekanand, global head of Quartz at TCS, said:
“Progressive financial institutions are looking to provide [crypto trading services] to their clientele. We are excited to offer them our robust, secure, and scalable solution for trading, storing, and transfer of these assets.”
India’s Benefits from Tata Crypto Trading Solution
CEO CoinDCX Summit Gupta, in his reaction to TCS product, noted the news is extremely promising for India’s crypto industry. He said the tech giants must have seen increased demand in Indian space from banks and investment firm clients. Gupta added:
“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”.
Currently, in India, there’s a bit of confusion in the air as regards crypto. Reportedly, the Indian government is planning to place an outright ban on cryptocurrencies. This has made major banks and fintech stakeholders hesitant to serve this sector. Although a number of local crypto exchange operators appear to be unconcerned and confident, the government would consult with relevant stakeholders before reaching a decision.
Banks, on the other hand, are waiting to get proper clarification from the Reserve Bank of India, the country’s apex bank. Earlier this year, however, the Supreme Court of India overturned the RBI’s April 2018 circular that had barred banks from serving crypto exchanges and firms.