Tech Mahindra, Quantoz come together to launch blockchain solution
April 05, 2021
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Tech Mahindra Ltd has entered into an agreement with the Netherlands-based Blockchain technology application incubator Quantoz to launch ‘Stablecoin-As-A-Service’ blockchain solution for global banks and financial institutions.
The usage of Stablecoins as a payment mechanism has significant potential to reduce transaction costs and processing time, while providing auditability and enhancing security, Tech Mahindra said in a statement.
This collaboration is in consideration of the Office of the Comptroller of Currency (OCC) announcement allowing federally chartered US banks to use stablecoins for standard banking functions like payments and transactions. This will accelerate the regulated use of blockchain and has the potential to boost its adoption across banking vertical.