India’s information technology services company Tata Consultancy Services (TCS) has announced that its cryptocurrency operations have increased in recent months boosted by strong demand for digital services during the COVID.
TCS Sees Surge in Its Crypto Operations
According to local media publications, India’s multinational and consulting company Tata Consultancy Services saw “good wins this quarter in the crypto space” by seeing an increase to over 1% in less than three months after the Indian government lifted regulations against cryptocurrencies.
“We saw very good deal wins this quarter in the crypto space,” N. Ganapathy Subramaniam, TCS COO said in a post-earnings press conference.
TCS’s boost is another indication of the rapid growth of the crypto industry in India despite the uncertainties around regulations. Earlier this week, Indian crypto exchange Coinswitch Kuber surpassed India’s largest stockbroker Zerodha in terms of the user base. The crypto exchange now stands at a global level after achieving unicorn status has raised fresh capital from Andreessen Horowitz at a valuation of $1.9 billion
The rapid growth in cryptocurrencies comes due to the increased adoption of the digital asset among Indian investors, particularly, the youth as the country is one of the fastest-growing areas in the world when it comes to the adoption of cryptocurrency.
Cryptocurrency Trading Solution by Tata Consultancy
In July, Tata Consultancy Services announced that it has launched a cryptocurrency trading platform called Quartz Smart Solution for institutional investors. The platform supports multiple cryptocurrencies, digital assets, digital coins linked to fiat currencies, trading channels, and public blockchain networks.
Developed in collaboration with blockchain startup Quartz and incubated by TCS, the Smart Ledgers product consists of ‘Smart Solutions,’ a set of distributed ledger technology for businesses across industries; ‘Quartz DevKit’ a low code smart contract development platform; ‘Quartz Gateway’ for integrating existing solutions with varied ecosystems and ‘Quartz Command Center’ for administering and monitoring the ecosystem.
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