Indian technology company Tata Consultancy Services (TCS) introduced the Quartz Smart Solution for Crypto Services, a cryptocurrency trading solution designed for financial institutions.
TCS developers said that with this tool, banks and investment firms will be able to provide their customers with crypto assets trading services. The solution supports various cryptocurrencies and stablecoins, and can also connect to wallets with multi-signatures, exchanges and platforms for over-the-counter trading (OTC).
Thanks to the decision, transactions will be carried out only if they have passed the necessary checks and meet the established requirements. According to TCS, the company has already signed an agreement with one client willing to use this tool. Several companies are also interested in entering into a partnership, but TCS has not yet announced their names.
“Advanced financial institutions are committed to providing cryptocurrency services to their clients. Thanks to our scalable Quartz solution, firms will be able to trade client crypto assets, store them and service transactions with cryptocurrencies, ”said TCV CEO R. Vivekanand.
CoinDCX General Manager of the Indian cryptocurrency exchange Sumit Gupta believes that this solution has good prospects for the development of the cryptocurrency industry in India and will be in demand among banks and investment firms.
The appearance of such products suggests that traditional organizations are already beginning to consider digital assets as part of the financial ecosystem, it is only necessary to work out the regulation of the industry correctly. However, the Indian cryptocurrency community is still worried that the government may completely prohibit the ownership and operation of digital assets.
Large banks in India still refuse to serve the cryptocurrency sector. They expect the Reserve Bank of India (RBI) to clarify and give further orders, despite the fact that in March the Supreme Court of India authorized the use of cryptocurrencies in the country.
