Tata Consultancy Launches Crypto Trading Solution for India’s Financial Firms
A subsidiary of India’s industrial goliath Tata has launched a solution allowing banks and financial institutions to offer crypto trading services to their clientele.
- A product from Tata Consultancy Services (TCS), the Quartz Smart Solution can support multiple cryptocurrencies, including some stablecoins.
- Unveiled Wednesday, the service also offers an over-the-counter solution and can alert banks and other hosts to possible criminal activity.
- Vivekanand Ramgopal, Tata Consultancy’s head of Quartz, said in a statement that cryptocurrencies are rapidly becoming a viable investment vehicle and that the new solution allows banks to quickly capitalize on the new trend.
- TCS is the second largest company in India and a subsidiary of Tata Group, the multinational conglomerate with a more than $120 billion revenue in 2019.
- Sumit Gupta, CEO of Indian crypto exchange CoinDCX, said the Indian crypto market, previously subdued because of a now-overturned central bank ban, is back with a bang.
- The launch of Quartz is a strong signal that future regulation was likely to be supportive, not punitive, he said.
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