Virtusa moves into cryptocurrency

A satellite rendering of an office building

Image | Courtesy of Google Maps Virtusa's Southborough headquarters

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By Sam Bonacci

Southborough information technology company Virtusa has partnered with Custodigit to provide a way for regulated financial service providers to offer digital assets to their clients while also partnering with a firm to bring in digital onboarding of clients.

Together, the companies are offering a digital assets platform that allows banks to get access to the digital currency market, made up of assets such as Bitcoin, in a secure, efficient and compliant way, according to a release from Virtusa, the company announced in a release. Custodigit is a Swiss-based company offering the Institutional Digital Asset platform to be integrated with core banking systems.

Virtusa also announced a partnership with digital identity and fraud prevention solutions company Sedicii Innovations Ltd. of Ireland. The products it will offer with Virtusa will allow banks to digitally onboard individual and business customers. The system allows businesses to avoid paper-based processes for loans, insurance services and account opening, according to Virtusa.

“In 2020, we witnessed a spike in the adoption of online banking due to the COVID-19 pandemic,” said Ashish Devalaker, managing sirector and head of Europe, UK and Middle East, at Virtusa, in the release. “While some consumers will return to the old ways, the vast majority will look to further entrench these digital asset services into their daily lives.”

While Virtusa struggled last year, it improved in the second quarter, as the company grew profits to $7.7 million, compared to a loss of $200,000 the year before.