Tata Consultancy Services (TCS), an India-based IT services company has reportedly successfully completed what defines as the world’s first cross-border securities settlement between two central depositories by employing the Quartz blockchain.
As per the announcement made on April 10, the two Central Securities Depositories (CSD) are Maroclear, the CSD of Morocco, and Kuwait Clearing Company, the CSD of Kuwait. The test involves a set of equities and fixed income securities from both markets that were created on the chain along with accounts to hold them, and was instantaneously transferred.
Reportedly, the system used cash coins on the BaNCS Network, powered by the Quartz blockchain. The announcement further elaborates about the cash coins, stating that they are a digital asset pegged to a fiat currency and maintained on the network.
As per the report, the network is a private permissioned blockchain focussed on connecting the consumers in the banking, market infrastructure, custody, and insurance industries via a single ledger. The post claims that 450 TCS customers have access to the BaNCS network.
TCS’s parent company, Tata Group, reportedly has $100.4 billion in revenue annually, while TCS has around $15.4 billion as per CrunchBase data.
Image source: TCS.com