Leading Indian tech company Tata Consultancy Services (TCS), has announced the launch of a cryptocurrency trading solution for financial institutions to enable their customers to invest in digital assets.
TSC, which is India’s largest tech company and the second-largest company by market capitalization, named the new initiative the “Quartz Smart Solution.” They noted it can support multiple digital assets and some stablecoins.
The Indian tech company further stated the new initiative allows banks and investment firms to provide crypto trading services to their clients. Also, explaining the solution would be launched with several features, including a multi-signature wallet, amongst others.
Additionally, the service would offer an over-the-counter solution and can alert banks and other hosts to possible criminal activity as well as blockchain forensic checks, to ensure that a transaction is executed only after proper validation and authorization.
Indian tech company initiative to help banks offer crypto trading
According to the TCS announcement, the Indian tech company initiative is mainly aimed at helping financial institutions offer cryptocurrency trading.
“Importantly, it can help banks and investment firms offer their customers the ability to transfer payments in the form of ‘digital cash,’ and benefit from lower transaction costs and quicker access to liquidity,” TCS said.
Notably, the Indian tech company currently has over 448,000 consultants in 46 countries, and according to reports, generated revenues of $22 billion last year.
Digital currency rapidly becoming viable investment vehicle
Vivekanand Ramgopal, global head of Quartz at TCS expressed his excitement with the new initiative, digital assets are rapidly becoming a viable investment vehicle and that the new product allows banks to capitalize on the new trend quickly.
“Progressive financial institutions are looking to provide these options to their clientele. We are excited to offer them our robust, secure, and scalable solution for trading, storing and transfer of these assets,” he added.
Additionally, Sumit Gupta, head of Indian crypto exchange CoinDCX, in a statement said the Indian tech company’s new initiative is “extremely promising” for the Indian crypto industry.
He noted that TCS would witness a massive increase in demand in the Indian crypto space, directly from their banking and financial investment firm clients, for their new offerings.
“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,” Gupta added.