Tata Consultancy Services has launched an enterprise product for cryptocurrency trading for banks and investments, the company announced. Called Quartz Smart Solution, the platform will support multiple cryptocurrencies, stable coins, digital currencies linked to fiat currencies, trading venues and public blockchain networks. Quartz is a startup incubated by TCS that works on blockchain.
The product includes blockchain software, a code development kit, a “Quartz Gateway”, and a “command center”.
The cryptocurrency industry was revived in India after the Supreme Court in March struck down the RBI’s banking ban against cryptocurrencies, calling the ban disproportionate. The RBI had restricted banks from providing services to cryptocurrency exchanges, cutting them off from the formal economy. The ban effectively crippled cryptocurrency exchanges from carrying out their business. The ruling came after multiple cryptocurrencies exchanges in India and industry body IAMAI had approached the court, challenging the ban.
Soon after the ban was lifted, CoinDCX, Zebpay, WazirX, and others began trading cryptocurrencies once again. According to Cointelegraph, banks have refused to process cryptocurrency-related transactions even after the RBI’s circular became void. According to Cointelegraph, WazirX’s daily trading volumes increased compared to pre-lockdown numbers.
A few days after the SC ruling, cryptocurrency exchange Binance Group in March set up a $50 million fund to incubate and invest in blockchain products and startups in India. In November 2019, Binance acquired Indian exchange WazirX, allowing sale of cryptocurrencies in rupees on the Binance.