Tata Consultancy Services, an India-based IT service company, has reported that it has successfully completed the first ever cross-border settlement of securities between two central depositories using the Quartz blockchain.
The announcement of April 10 stated that the two Central Securities Depositories are Kuwait Clearing Company and Maroclear. This test involves the transfer of an instantaneous set of fixed income and equities from both markets.
According to reports, the system used cash coins from the BaNCS Network powered by the Quartz Blockchain. Further details were provided about the cash coins in the announcement, which stated that they were a digital asset tied to fiat currency and maintained on network.
According to the report, the network is private permissioned blockchain that connects consumers in the insurance, banking and market infrastructure industries through a single ledger. According to the post, 450 TCS customers have access via the BaNCS network.
According to CrunchBase data, Tata Group is the parent company of TCS. It reportedly generates $100.4 billion annually while TCS has approximately $15.4 billion.
