India's cryptocurrency industry welcomes another positive development: Indian technology giant Tata Consulting launches crypto trading solutions for financial institutions

Key points:

• Indian tech giant Tata Consultancy Services (TCS) has launched a crypto trading solution for financial institutions;

• A TCS spokesperson said one customer has already signed up for the solution and more are coming, but he did not name the companies involved.

• Sumit Gupta, CEO of Indian cryptocurrency exchange CoinDCX, commented that the news is "extremely positive" for the Indian cryptocurrency industry.

Tata Consultancy Services (TCS), India’s largest technology company and second largest company by market value, has launched a cryptocurrency trading solution specifically for financial institutions, The Block reported on July 8.

The solution, called Quartz Smart Solution for Crypto Services, will enable banks and investment firms to offer crypto trading services to their clients. The solution supports multiple cryptocurrencies, stablecoins, and exchanges.

TCS said the solution integrates multiple features including multi-signature wallets, exchange and OTC platform connectivity, and blockchain forensic inspection. Transactions can only be executed after proper verification and authorization.

A TCS spokesperson told The Block that one client has already signed up for the solution and more are on the way, but he did not name the participating companies.

R Vivekanand, Global Head of TCS Quartz, said:

"Progressive financial institutions are looking to offer crypto trading services to their clients. We are pleased to provide them with a secure, scalable and dynamic solution to enable the trading, storage and transfer of crypto assets."

Quartz is a startup incubated by TCS that provides various blockchain solutions across industries such as “Smart Ledgers” and “DevKit”.

Sumit Gupta, CEO of Indian cryptocurrency exchange CoinDCX, told The Block that TCS’s move is “extremely positive” for the Indian crypto industry.

TCS has certainly seen increased demand for crypto products from its banking and investment firm clients.

Gupta added:

While the launch of cryptocurrency solutions shows that established financial institutions believe that cryptocurrencies will become part of the financial ecosystem, it is smart cryptocurrency regulations that will drive the industry in the right direction.

The news comes at a time when India’s finance ministry is reportedly seeking inter-ministerial consultations on a cryptocurrency ban, while major Indian banks remain reluctant to serve the cryptocurrency industry.

Although the Supreme Court of India overturned the Reserve Bank of India’s (RBI) April 2018 ban on banks servicing cryptocurrency exchanges and related companies, Indian banks are still awaiting clarification and instructions from the RBI.