Tata Consultancy Services (TCS), a subsidiary of India’s largest tech firm, Tata, announced the launch of a crypto solution enabling traditional financial institutions to offer digital asset services to customers.
According to a spokesperson at the firm, the new solution, dubbed “Quartz Smart Solution for Crypto Services,” will offer the best security services and compliance structure to allow seamless cryptocurrency trading. According to a press release on TCS official blog, the Quartz solution is explained as
“a next-generation, digitally-powered offering for banks and investment firms to provide secure and seamless cryptocurrency trading to their clientele.”
The solution offers an array of features to financial institutions and banks, including support for multiple cryptos, a link to fiat currency exchange, and a digital asset transfer platform.
The project is the brainchild of Quartz, a startup incubated by TSC, which builds decentralized ledger solutions to traditional finance problems. The smart solution aims at providing the “best-in-class hardware security module” to beef up security and verification of transactions.
The platform integrates multi-signature feature wallets and provides the infrastructure to build secure OTC exchange desks. Finally, a close audit and blockchain forensic checks ensure that transactions made on the Smart Solution for the Crypto platform are appropriately verified and authenticated.
Crypto is spreading into the traditional finance world with hedge funds and investment institutions taking the risk and placing big bets in the industry. R Vivekanand, Global Head, Quartz, TCS concurs on this analogy stating his company is ready to take on the challenge of providing these services.
“We are excited to offer them our robust, secure, and scalable solution for trading, storing, and transfer of these assets,” Vivekanand said.
“We believe Quartz is well ahead of the curve in providing such a solution that allows customers to transact in multiple cryptocurrencies and digital assets, backed by best-in-class security features.”
India is taking a step forward in blockchain, and the Supreme Court lifted digital asset development after the recent blanket ban on crypto by the Royal Bank of India (RBI).
Throughout 2019, TCS announced a number of development strategies and projects in the blockchain arena, including Quartz integration of RippleNET allowing banks and financial institutions to transfer funds freely; and the security settlement platform to enable cross border transfers.