The crypto and blockchain economy in India has been thriving as of late, ever since the Indian Supreme Court lifted the central bank’s ban on cryptocurrencies. There has been a spree of foreign investments, and several state governments and private enterprises have been actively promoting blockchain growth. Per recent reports, Tata Consultancy Services (TCS), the nation’s second-largest company, has now launched a crypto trading solution for financial institutions.
TCS is a part of the Tata group of industries, the company that purchased automotive giants Jaguar and Land Rover back in 2008.
According to a recent announcement from the company, the tech giant has launched an enterprise-grade solution for crypto trading, dubbed “Quartz Smart Solution for Crypto Services.” The solution lets banks and investments firms to seamlessly provide crypto trading services to their clients, with support for multiple cryptocurrencies, stablecoins, and trading venues.
Last year, the company launched its Quartz DevKit to help enterprises build blockchain apps 40% faster. R Vivekanand, global head of Quartz, had then stated:
“Many of our customers, across industries, are leveraging blockchain technology to establish frictionless transactions across their extended ecosystem. We developed the Quartz DevKit to help their teams rapidly put together high-quality pilots using smart contracts on any platform with reduced coding effort. We have received very positive feedback from our pilot customers, and are pleased to make the DevKit available for use at scale.”
Powered by the Quartz Devkit, the new solution has support for several different features like multi-signature wallets, exchange and OTC desk connectivity, and blockchain forensic checks, to ensure that a transaction is executed only after proper validation and authorization.
According to a statement given to The Block, a TCS spokesperson has revealed that a customer has already signed up, with a “few more” close to signing up, for the solution. However, he did not disclose any names. It is however evident that the crypto industry in the nation has gained a lot of momentum.
Commenting on the launch, Vivekananda 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.”
Crypto advocates optimistic
Crypto entrepreneurs in the nation are quite excited about the recent developments in the crypto space. Nischal Shetty, CEO of popular Indian exchange WazirX, said that the nation is “witnessing India Inc’s entry into Crypto.”
“Hope to see Infosys, Wipro, Tech Mahindra, L&T Infotech etc join in with their Crypto solutions,” Shetty added.
CoinDCX CEO Sumit Gupta said that the news is “extremely promising” for the industry. “TCS must have seen increasing demand in the Indian space, directly from their banking and investment firm clients, for such products.”
“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,” he added.
The news comes a day after IT services giant Tech Mahindra launched a DLT-based solution powered by IBM’s Hyperledger, dubbed the Blockchain-Based Contracts and Rights Management System (bCRMS). The platform is designed to protect the intellectual property of content creators while also making royalty payments easier.
Despite all the progress, the Indian government is still silent about regulating crypto in the nation. There were rumors of another supposed ban last month, but the theory was disbanded by prominent figures in the crypto industry.