Tata Consultancy Services Powers Blockchain-Based Cross-Border Securities Settlement
IT services company TCS announced that it carried out what it defines as the world's first cross-border securities settlement between two central depositories.
Indian IT services company Tata Consultancy Services (TCS) announced on April 10 that it carried out what it defines as the world's first cross-border securities settlement between two central depositories using the Quartz blockchain.
The Central Securities Depositories (CSD) involved are reportedly Maroclear, the CSD of Morocco, and Kuwait Clearing Company, the CSD of Kuwait. During the test, a set of equities and fixed income securities from both markets were created on the chain along with accounts to hold them, and were instantaneously transferred.
The system reportedly used cash coins on the BaNCS Network, powered by the Quartz blockchain. The announcement explains that cash coins are a digital asset pegged to a fiat currency and maintained on the network.
Per the report, the network is a private permissioned blockchain aimed to let customers in the banking, market infrastructure, custody and insurance industries collaborate by connecting to a single ledger. The post claims that 450 TCS customers have access to the BaNCS network.
According to CrunchBase data, TCS has $15.4 billion in revenue annually; its parent company, Tata Group, reportedly has $100.4 billion.
Also, at the beginning of the current month, the United States Securities and Exchange Commission revealed that it is looking to hire a crypto specialist attorney advisor for its Division of Trading and Markets tasked with establishing “a comprehensive plan to address crypto and digital asset securities.”