Tata Consultancy Services or TCS, a leading IT company based out of India, is all set to launch its own cryptocurrency trading platform for financial institutions such as to banks that will make it easier for its customers to invest safely in cryptocurrencies. Tata Group is a large multinational company that conducts businesses across many countries around the world. It is also listed on two Indian stock exchanges BSE and the NSE.
TCS recently announced the launch of ‘Quartz Smart Solution for Crypto Services which will give the cryptocurrency market in India the much-needed boost. The new product is aimed towards banks and investment service providers to offer their clients a platform for cryptocurrency trading. It will allow their clients to diversify their investments through cryptocurrency trading and other digital assets.
The new platform by TCS supports stable coins, cryptocurrencies, different digital currencies that are linked to fiat currencies, public blockchain networks, and also multiple trading venues. The main advantage that TCS’s new platform will provide to the financial institutions is to provide them with an opportunity to make payments through digital currencies leading to lower transactional costs and easier liquidity options.
TCS is currently spread over 46 countries and has 448,000 consultants working for the company. In the last year, the company generated revenues of about $22 billion alone. Financial institutions will be able to integrate the Quartz platform with their existing systems and also messaging networks.
Apart from Quartz Smart Solution, there will be other solutions offered on its Quartz Smart Ledgers solutions. One of them is Devkit, smart contract development kits that can be used along with blockchain technologies. Another one is the Gateway that allows the integration of the blockchain networks with the existing applications of the financial institutions. The last one is the Command Center that will allow monitoring and administering of the complete cryptocurrency ecosystem.
The Global Head of Quartz, R Vivekananda, commented that digital assets and cryptocurrencies are the future and will become part of the entire investment and hedging portfolios for investors. He further added that many progressive financial institutions want to provide more investment options to their clients, and their Quartz platform will be able to provide a secured and scalable solution for the trading, storing, and also the transfer of cryptocurrency and digital assets.
Quartz hosted an event on 15th July with its partner Techex Digital on the topic of ‘The New Age Crypto World.’ There were plenty of topics discussed during the event, such as the benefit of investing in crypto-assets and the way cryptocurrencies are changing the financial industry altogether. The panelists at the event also spoke about the decrease in the use of cash and what the future holds for digital currency. There were many other topics that were discussed as a part of increasing awareness about cryptocurrency investments.
With the growing demand for cryptocurrencies increasing in India, the Indian government is looking to bring out a regulatory framework for the same. Many other trading platforms are being launched in India and also the global crypto exchange, Binance was also joined to the IAMAI or the Internet and Mobile Association of India.