Indian IT giant Tata Consultancy Services (TCS) said in a press release that it has launched its Quartz Smart Solution crypto service that will help financial institutions like investment firms and banks to offer crypto trading services. The news comes as a big surprise for the Indian crypto industry, as this is the first major step taken in the crypto space by any Indian corporate behemoth.
This is big! @TCS one of the largest companies in India has released Crypto trading solution for Banks & Financial institutions
I'm glad to see a large Indian company building on Crypto innovation
Very positive news for #IndiaWantsCrypto
— Nischal (WazirX) ⚡️ (@NischalShetty) July 8, 2020
TCS is the largest business corporation in India, with a user base of more than two billion, across the continents. Prior to this, TCS has had collaborations with leading crypto company Ripple for its XRapid and XCurrent products. In the press release on the Bombay Stock Exchange website, R. Vivekanand, Quartz Global Head said that crypto assets are poised to become potent alternatives to traditional investments and essential options for portfolio diversification. He further said,
With Quartz Smart Solution, financial institutions will be able to use top class cryptographic signing for each transaction that will ensure authenticity and security. Major features of the Quartz include multi-signature wallets with an in-built authorization engine, auto reconciliation, compliance alerts, blockchain forensic checks, and OTC desk connectivity.
For more details check out the press release here.