Snapshot
- TCS announced Quartz Smart Solution for Crypto Services.
- Huge step for India towards its Crypto adoption along with CoinDCX’s #TryCrypto Initiative.
- Sumit Gupta, CEO, CoinDCX reiterates support towards ‘Atmnirbhar Bharat’.
The excitement was palpable in the ‘cryptosphere’, when Tata Consultancy Services (TCS) announced that they were launching Quartz, Smart Solution for Crypto Services, a digitally-powered offering meant for banks and investment firms that offer cryptocurrency trading to their clientele.
The announcement, which was published as a press release, described the solution as being designed to support various cryptocurrencies as well as stablecoins. Additionally, the press release stated that this solution would come in handy for banks and investment firms’ clients and amplify the ability of transferring payments in minimal time and benefit from lower transaction fees.
The press release explained that the solution comes integrated with various features such as a hardware security module that enables cryptographic signing of each transaction, which would ensure security and authenticity. The features would include multi-signature wallets with an in-built authorization engine that enables configurable transaction approval policies, blockchain forensic checks, auto reconciliation, and compliance alerts, exchange and OTC desk connectivity, and audit capabilities, among others, it ensures that a transaction is executed only after proper validation.
Additionally, given that there is regulatory uncertainty surrounding cryptocurrencies and RBI, it remains to be seen how this digital banking solution will be incorporated in the financial ecosystem.
India’s crypto and blockchain space is at a nascent stage.
While the RBI answered in a Right to Information (RTI) form that users are no longer forbidden to connect their bank accounts to exchanges, there is yet to be an official declaration on the same from the central bank. Post the Supreme Court’s judgment in March this year, CoinDCX was the first Indian exchange to integrate bank transfers within 6 hours!
Additionally, in a bid to increase crypto adoption, CoinDCX kickstarted the #TryCrypto initiative in a bid to onboard the next 50 million Indians into crypto. For #TryCrypto, we invested nearly $1.3 million, to help further the cause of adoption.
The funds will be used towards educational initiatives, seminars, online courses, roadshows and awareness campaigning, meetups, community events, community engagement, and to product trials.
This is not the first product from the stable of TCS and Quartz. Last December Quartz had made an announcement that they had launched a DevKit, which would help enterprises build blockchain apps “40% faster”.
At the time the announcement had said, it would reduce the complexity of underlying blockchain technology and instead provide a code to build and deploy blockchain applications on any preferred platform such as Ethereum, R3 Corda or Hyperledger Fabric.
Commenting on the cryptocurrency-based solution, R Vivekanand, Global Head, Quartz, TCS, said, “Cryptocurrencies, digital fiat currencies, and digital assets are poised to become viable alternate avenues for investments, hedging, and portfolio diversification. Progressive financial institutions are looking to provide these options to their clientele. We are excited to offer them our robust, secure, and scalable solution for trading, storing, and transfer of these assets. 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.”
Conclusion:
In closing remarks, we would like to say with our Prime Minister, Narendra Modi, sounding the clarion on ‘Going Vocal for Local’, this is another opportunity for India to take the center stage on the global crypto map.
Recently, CoinDCX CEO and co-founder, Sumit Gupta penned an article in the well-known publication, Inc.42, where he reiterated about the need for being ‘atmanirbhar’, especially when it comes to cryptocurrencies and crypto asset class. While every business sector adapts to the new normal, one industry has been exemplary in its self-reliance and has experienced growth in the face of adversity—the cryptocurrency sector. Additionally, CoinDCX launched a blockchain and crypto educational platform as part of this initiative, DCX Learn, last month.
CoinDCX embodies the principles of ‘atmanirbharta’ as espoused by our honorable Prime Minister as well as blockchain, which is what makes us capable to lead this movement of self-reliance from front and center.
Conclusion
In closing remarks, we would like to say with our Prime Minister, Narendra Modi, sounding the clarion on ‘Going Vocal for Local’, this is another opportunity for India to take the center stage on the global crypto map.
Recently, CoinDCX CEO and co-founder, Sumit Gupta penned an article in the well-known publication, Inc.42, where he reiterated about the need for being ‘atmanirbhar’, especially when it comes to cryptocurrencies and crypto asset class. While every business sector adapts to the new normal, one industry has been exemplary in its self-reliance and has experienced growth in the face of adversity—the cryptocurrency sector. Additionally, CoinDCX launched a blockchain and crypto educational platform as part of this initiative, DCX Learn, last month.
CoinDCX embodies the principles of ‘atmanirbharta’ as espoused by our honorable Prime Minister as well as blockchain, which is what makes us capable to lead this movement of self-reliance from front and center.
