A subsidiary of India’s industrial giant Tata has launched a way for banks and financial institutions to offer crypto trading services to their clientele.
- A product from Tata Consultancy Services (TCS), the Quartz Smart Solution, can support multiple cryptocurrencies, including some stablecoins.
- Unveiled Wednesday, the service also offers an over-the-counter solution and can alert banks and other hosts to possible criminal activity.
- Vivekanand Ramgopal, Tata Consultancy's head of Quartz, said in a statement that cryptocurrencies are rapidly becoming a viable investment vehicle and that the new product allows banks to quickly capitalize on the new trend.
- TCS is the second-largest company in India and a subsidiary of Tata Group, the multinational conglomerate with more than $120 billion in revenue in 2019.
- Sumit Gupta, CEO of Indian crypto exchange CoinDCX, said the Indian crypto market, previously subdued because of a now-overturned central bank ban, is back with a bang.
- The launch of Quartz is a strong signal that future regulation is likely to be supportive, not punitive, he said.