TCS-backed blockchain startup Quartz gets Industry Excellence Award for innovation
Blockchain is a distributed electronic ledge that is an important part of Web 3.0, the next generation of internet services. As India’s top IT firm, Tata Consultancy Services has ventured into the blockchain space by backing smart ledger startup Quartz. Through a regulatory filing, TCS has announced that the Quartz for Markets solution was named Outstanding Innovation of the Year at the Industry Excellence Awards instituted by the Asset Servicing Times.
The startup helps firms service the digital asset lifecycle across business functions, including issuance, custody and asset servicing by integrating with existing IT landscapes seamlessly. The solution comes with configurable templates for a wide range of tokenized assets, allowing the issuer community to raise capital from a diverse investor base across markets, while allowing diversification of investment portfolios.
The solution provides sophisticated custody models, including omnibus, segregated and proprietary holding models along with institutional-grade security features. Built on the premise of coexistence, integration and interoperability, it enables businesses to fast track their innovation and growth strategy by easily adding new age tokenized assets to the traditional set of assets they manage.
“The Asset Servicing Times Industry Excellence Awards are dedicated to supporting and recognizing talented and dedicated firms, individuals and departments across the financial services industry. We work with The Securities Services Advisory Group (TSSAG), a forum for independent thought leadership, to shortlist and judge the winners. We commend Tata Consultancy Services’ Quartz for winning the Outstanding Innovation Award. The nomination was about how blockchain is being deployed in a purpose-driven, meaningful way by market infrastructure institutions, custodians, banks and other players offering services around traditional as well as tokenized securities, says Justin Lawson, co-founder and publisher, Asset Service Times.
R Vivekanand, President, BFSI Products & Platforms, TCS, said, “Our quartz solution is built on the premise that tokenized digital assets will co-exist with conventional assets, enabling customers to drive differentiation and growth. The solution builds on TCS’s position as one of the leading suppliers within market infrastructure and property services.
Quartz for Markets provides end-to-end next-generation services around tokenized securities to drive future growth for MIIs, including exchanges, depositories, central banks, payment infrastructures, as well as private banks, custodians and issuers. The solution offers a comprehensive set of services to manage tokenized and digital assets, including issuance, custody, secondary market trading, settlement and monitoring.
It supports digital asset services, including eVoting/general meeting services. Quartz for Markets provides a selection of settlements in fiat currencies, cryptocurrencies, stablecoins and digital currencies, including multiple token standards such as ERC/R3 token SDKs and can be deployed on-premises or in a SaaS model. It also provides robust security features, including key management capabilities using Thales HSM, as well as Multi Party Compute (MPC) to secure wallet operations.
