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Tata Consultancy Launches Crypto Trading Solution for India's Financial Firms
India's crypto renaissance continues, with Tata Consultancy unveiling a solution allowing banks and financial institutions to offer digital asset trading.
By Paddy Baker
Updated May 9, 2023, 3:09 a.m. Published Jul 8, 2020, 2:54 p.m.
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A subsidiary of India's industrial giant Tata has launched a way for banks and financial institutions to offer crypto trading services to their clientele.
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- 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 product 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 more than $120 billion in 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 is likely to be supportive, not punitive, he said.
Also read: India’s Rumored Crypto Ban May Be Overblown, Say Industry Pros
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- The filing used the Share-Defined designation, which suggests the investment decisions were made jointly by Intesa Sanpaolo and executed by affiliates.
