CoinSwitch Holds Sufficient Reserves To Match Customer Investments: Independent Firm Confirms

CoinSwitch, India’s largest Crypto investing platform, today, announced an independent third-party report that confirms that its overall holdings of Crypto and INR balances are higher than those of customer’s holdings of Crypto and INR balances on CoinSwitch platform.

As part of its commitment to proactively strengthen compliance structures of the platform, CoinSwitch engaged a consulting firm INMACS in July-2022 to study process and procedure of the company and carry out Agreed-Upon Procedures (AUP) in November 2022. The Agreed Upon Procedures executed by INMACS are under Indian Standards on Related Services (SRS 4400) issued by the Institute of Chartered Accountants of India, compatible with International Standard (ISRS) 4400.

Key highlights and findings of the report:

* INMACS obtained a detailed listing of crypto custody services, counter-party sources including crypto exchanges, and wallet addresses from CoinSwitch; using a snapshot of web-logins on the web-portal of these sources provided by CoinSwitch.

* INMACS obtained individual Indian fiat currency (INR) balances with banks, payment gateways, and crypto exchanges using snapshot of web-logins on the web-portal of these sources or banks, payment gateways, and crypto exchanges statements of account provided by CoinSwitch.

* INMACS also obtained a detailed listing of customer holdings with CoinSwitch in Virtual Digital Assets (VDA) and cryptos directly from CoinSwitch’s database.

* It then compared the total CoinSwitch’s VDA and INR holdings with customers’ VDA and INR holdings to understand whether total CoinSwitch holdings were greater or less than customer holdings.

Findings

* INMACS successfully completed the agreed-upon procedures and found that total CoinSwitch holdings are greater than customer holdings. That is, the total INR and VDA holdings held by CoinSwitch are greater than the VDA and INR held by CoinSwitch on behalf of the users of its platform.

“Transparency and traceability are business imperatives for us. We are committed to building a multi-asset buy-sell platform that users can trust. There are several other ways to assure liquidity of a crypto platform, including proof of reserves. This report is our effort to affirm that our holdings are greater than what customers have purchased on CoinSwitch. INMACS’ independent report is a testament to our commitment and proactive approach to risk and compliance measures.  We will continue to evaluate other ways of establishing trust and transparency as we help India participate meaningfully in the global crypto revolution,” said Ashish Singhal, Co-founder and CEO, CoinSwitch.

INMACS is a 38-year-old public limited company registered in India, that specializes in assurance, taxation, regulatory advisory, and risk management, among other services. The firm was founded by Vinod Jain, an experienced Chartered Accountant with 42 years of rich industry experience, and has also been a Member of the High Powered Committee, appointed by the Finance Ministry to simplify Income Tax Law. He was also appointed by the Union Finance Minister as an Advisor to the GST Council for reviewing GST Law. He has been elected member of National Council of CII and a former National President of ANMI (Association of National Stock Exchanges members of India). Mr. Vinod Jain has been a member of the apex body, Central council of the Institute of Chartered Accountants of India for 12 years. He served an independent director and was the Chairman of the audit committee of Coal India, and has also served on different committees of CBDT, MCA and SEBI.

CoinSwitch is Silicon Valley venture capital giant Andreessen Horowitz’s first startup investment in India, and Tiger Global’s first crypto investment. The startup unicorn also counts blue chip firms including Sequoia Capital, Ribbit Capital, Paradigm, and Coinbase Ventures among its investors.

Sugar Free Salad Dressings By Cremica Launched – A Food Product Conglomerate

November 14th of every year is marked as World Diabetes Day. This year's theme was access to Diabetes Education, which is a part of the larger multi-year theme 'Access to Care' by the World Health Organization (WHO). There are millions of people around the world who suffer from diabetes.

On this day Mr. Akshay Bector – Chairman and Managing Director Cremica Foods said, “The best way to prevent any disease is by eating a healthy diet and exercising regularly. Made with a perfect blend of Omega 3 rich oils and Reduce Sugars, Hence offering the perfect balance of taste and health! acids are one of the nutrients that can help you fight against diabetes especially as they help to prevent the same. Cremica presents a range of Salad dressings that can make Salads delicious and healthier. Unlike most salad dressings, it is low in sugar and comes with a perfect blend of Omega 3-rich oils. Thanks to our constant innovation and research to have steady maintenance of quality for all our products. Cremica’s commitment towards quality and innovation is absolute and it has help to build a robust business despite of extreme competition in the market”.

Mr. Bector – Chairman and Managing Director Cremica Foods, further added that Cremica Foods have around 15 delicious and healthy options which can make a tasty meal ready in just a few minutes. Cremica - an Indian Iconic brand, is a leader in Mayonnaise and Sauce categories in India and is known for its unique recipes and its state-of-the-art research and production standards. Brand is leading the food processing business through its range of products with its internationally certified production facilities, the consistency of its quality and its unmatched expertise in the industry. It is also a preferred vendor to some of the largest food giants in India like McDonald’s, Pizza Hut, Domino' and Subway, consistently scoring high on international quality tests and taste parameters.

OPERA chips are the first chips made in Olive oil in India by Cremica foods and till now also no one else has launched.

About Cremica Foods Ltd.

Cremica Foods started in mid-90. CREMICA, an iconic Indian brand, a leader in Mayonnaise and Sauce categories in India and is known for its unique recipes and its state-of-the-art research and production standards.

Cremica launched India’s first vegetarian mayonnaise and introduced Indian sandwich mayos like Tandoori and Mint. Originally known as Mrs. Bector’s food and and know is known as Cremica Foods Ltd. Known as premium player in the liquid condiments. In India the quality of Mayo has increased due to the quality given by Cremica Foods.

Research Partnership To Help Prepare For Future Infectious Disease Threats Officially Launched Education New Zealand

A new $36 million research platform aimed at preparing for future infectious disease threats was launched today.

Minister of Research, Science and Innovation Hon Dr Ayesha Verrall officially launched Te Niwha (Infectious Diseases Research Platform) at T?rangawaewae Marae this morning.

The platform is cohosted by the Institute of Environmental Science and Research (ESR) and the University of Otago. Its co-directors, Hauora leader Te Pora Thompson (Ngati Hau?) and Distinguished Professor and expert in infectious disease epidemiology and public health Nigel French, were appointed in July, and today have gathered with guests from around the country to mark the beginning of this important partnership.

University of Otago Deputy ViceChancellor (Research and Enterprise) Professor Richard Blaikie says the platform represents research needed to prepare for the future.

“We see this is a responsibility to the community which our research serves and to the researchers themselves. We are proud to stand behind and support a platform which will be tasked with finding important answers for all New Zealanders.

“Through the work of this platform we aim to reach minority communities and differently-abled communities so as we develop more understanding of infectious diseases, they will be able to join us in developing future plans.”

ESR Chief Scientist Dr Brett Cowan says the platform builds on the central role science played in managing New Zealand’s response to COVID-19.

“New Zealand can be very proud of its science-led response, which involved harnessing expertise from across the country to inform decision-making and support our communities.

“In doing so, we could see the benefit in a formal research platform that could bring the right expertise together to position us better for the future. We are proud that a legacy of COVID-19 in New Zealand is a stronger research infrastructure and today is a significant milestone in that journey.”

Happiest Health Appoints Pharma Veteran Anindya Chowdhury As New President & CEO

* Anindya brings vast healthcare experience and will look to expand the company’s footprint in the health and wellness knowledge space.

* Happiest Health appoints Mr. Anindya Chowdhury as President & Chief Executive Officer, starting November 17, 2022.

Anindya, an engineer with a PGDM (IIM-B) degree, comes in with rich experience of over 28 years across FMCG, Pharma, OTC, Consumer Healthcare, and Diagnostics domains in operational and P&L leadership roles. He began his career with HUL, and in his previous role, he was serving as the CEO of Aster Labs.

“It is an honour to be a part of Happiest Health and work with its brilliant and creative talent. Since its launch in July 2022, the knowledge platform has been getting a great response, gaining steady readership among its target audience of 18-81 years of age. I also look forward to contributing to Happiest Health’s goal of becoming among the top 2 most trusted and credible sources of knowledge on health and wellness globally.” said Anindya.

Ashok Soota, Chairman of Happiest Health, said, “We look forward to Anindya leading Happiest Health digital knowledge service line and adding new service offerings to be launched in the near future. He will also spearhead the achievement of our 5-year Vision, which includes creating a great place to work and building an enterprise with the highest standards of corporate governance.  During the first five years, the team will also lay the foundation for Happiest Health IPO in a few years thereafter.”

About Happiest Health

Happiest Health is a global health & wellness knowledge enterprise promoted by Ashok Soota. Happiest Health provides credible and trustworthy health and wellness knowledge with views from globally renowned experts and doctors. The primary knowledge platforms are the daily newsletter, knowledge website, and soon-to-be-launched monthly print magazine.

Happiest Health embraces scientific knowledge with a keen focus on medical breakthroughs providing kinder, gentler therapies including cell-based treatments. It also has deep coverage of integrated medicine including Ayurveda, homeopathy and naturopathy. Happiest Health’s focus on wellness is holistic and energizing. They live by their Mission Statement: “Better Knowledge. Better Health.” and convey its benefits to all.

LAM Broadens Portfolio To Include Substrates And Panel-Level Processes For Heterogeneous Semiconductor Solutions

Lam Research Corp. (Nasdaq: LRCX) today announced that it has completed the acquisition of SEMSYSCO GmbH, a global provider of wet processing semiconductor equipment from Gruenwald Equity and other investors. With the addition of SEMSYSCO, Lam gains capabilities in advanced packaging, ideal for leading-edge logic chips and chiplet-based solutions for high-performance computing (HPC), artificial intelligence (AI) and other data-intensive applications. Financial terms of the agreement were not disclosed.

The acquisition of SEMSYSCO broadens Lam's packaging offerings, bringing a portfolio of innovative cleaning and plating capabilities for chiplet-to-chiplet or chiplet-to-substrate heterogeneous integration. This includes support of fan-out panel-level packaging, a game-changing process in which chips or chiplets are cut from a large, rectangular substrate sheet several times the size of a traditional silicon wafer. This approach enables chipmakers to significantly increase yield and reduce waste.

"Packaging plays an important role in extending Moore's Law and enabling future leadership products with higher levels of system in package integration. New substrate-based panel-level approaches are vital to cost-effectively realizing the high-performance chiplet-based solutions needed for the digital world," said Keyvan Esfarjani, chief global operations officer at Intel Corporation. "We are pleased to expand our deep, long-standing relationship with Lam to include advanced cleaning and plating processes in the new panel form factor."

"The strategic acquisition of SEMSYSCO furthers our commitment to help chipmakers address their emerging technology challenges, adding deep capabilities in advanced substrates and packaging processes," said Tim Archer, president and chief executive officer at Lam Research. "With innovative offerings and leading-edge research and development in packaging, Lam is well-positioned to support our customers as they scale to future chiplet-based technologies."

With the acquisition of SEMSYSCO, Lam also gains a state-of-the-art R&D facility in Austria focused on next-generation substrates and heterogeneous packaging, broadening the company's strong development capabilities in Europe and adding a sixth lab in Lam's global network. In addition, it brings to Lam new and expanded relationships with chipmakers and fabless customers.

About Lam Research

Lam Research Corporation (NASDAQ: LRCX) is a leading global supplier of innovative wafer fabrication equipment and services to the semiconductor industry. Lam's equipment and services allow customers to build smaller and better performing devices. In fact, today, nearly every advanced chip is built with Lam technology. We combine superior systems engineering, technology leadership, and a strong values-based culture, with an unwavering commitment to our customers. Lam Research is a FORTUNE 500® company headquartered in Fremont, California, with operations around the globe. Learn more at www.lamresearch.com.  

Chief Minister Bommai Announces Six High-Tech Cities, Startup And Knowledge Parks In State

* Karnataka CM Bommai announces six high-tech cities, knowledge and startup parks in Karnataka at the Bengaluru Tech Summit.

Karnataka will see six new high-tech cities,  and a new knowledge, startup parks near Bengaluru airport, chief minister Basavaraj Bommai said in an address at the 25th Bengaluru Tech Summit. Construction on these six cities will begin within six months, Karnataka chief minister Basavaraj Bommai he adds

The new high-tech cities - to be built in Hubbali, Dharwad, Mysuru, Mangaluru, central Karnataka and near Bengaluru in six months - would be promoting science, technology and innovative ideas for the growth of Karnataka, Bommai further said in his address.

The chief minister also said these will include a knowledge city, a science city, and a tech city near the Bengaluru airport. These, he said, will have the best research and development centres as well as other industries.

He said that the park will cater to sectors ranging from agritech to aeronautical technology. The Chief Minister stated that plans for this park will be laid out within the next six months. “With this, I think the tech summit will get a great fillip,” he said.

The state government will also set up six new high-tech cities across the state to "promote the growth of knowledge and technology sectors in the state," Bommai said. These will be located in Kalaburagi, Hubballi, Dharwad, Mangaluru, Mysuru, and Bengaluru.

"The decision to build a startup park and high-tech cities has been made after realizing the enthusiasm and the scope for developing startup ideas in Bengaluru."

He urged experts and entrepreneurs to bring out innovative ideas to address problems of urban high-tech cities and increase the ease of living in such cities.

Speaking about the startup park, Bommai said, "the multi-modal park will be a knowledge hub allowing entrepreneurs to reflect and develop startup ideas for the overall development of the state and nation".

“The natural resources around us are dwindling at an alarming rate every year. The development comes at the cost of nature and natural resources. Hence, I urge the scientific and technological community to come up with eco-friendly innovations, ideas and tech, so that we can preserve our resources for the future,” said Bommai.

Interestingly, Bommai stressed on the need to introduce eco-friendly innovations to ensure sustainable growth while noting that eco-friendly innovation even in the field of biotechnology is important to increase the longevity of human species.

The summit will witness at least 9 memorandums of understanding (MoUs) and the launch of over 20 products, marking the silver jubilee of the Tech Summit in Bengaluru.

25th Edition Of Bengaluru Tech Summit (BTS) Inaugurated As A Testament Of Karnataka’s Prowess - India’s Tech Hub

* With a mission to lead the country in technology and innovation, Karnataka's Chief Minister Shri Basavaraj S. Bommai highlights the state's potential and advancement in the IT, biotech, and start-up sectors at BTS 2022 inauguration ceremony 

* First full-fledged on ground version of BTS post the pandemic

Prime Minister Shri. Narendra Modi today inaugurated the 25th edition of Bengaluru Tech Summit 2022, at a glittering ceremony in the presence of a galaxy of leaders from the IT, BT and start-up sectors.  The event was organized by The Department of Electronics, IT, Bt, S&T, Government of Karnataka along with Software Technology Parks of India (STPI), and is the first full-fledged on ground version of BTS post the pandemic. The central theme of BTS this year is 'Tech4NexGen' and will focus on Electronics, IT, Deep Tech, Biotech, and Startups.

The inaugural ceremony was graced by the Guests of Honor H.E Mr. Petri Honkonen, Minister of Science & Culture, Finland, H.E. Mr. Omar Bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy & Remote Work Applications, United Arab Emirates, H.E. Mr. Tim Watts, Assistant Minister for Foreign Affairs, Australia. The ceremony was presided over by Shri Basavaraj S. Bommai, Chief Minister of Karnataka.

In his inaugural address, Prime Minister Shri Narendra Modi praised IT professionals from Bengaluru for creating innovative technology products that helped the country navigate the tough times during the Covid-19 pandemic when all other countries were struggling. The Prime Minister gave the example of Ayushman Bharat, one of the world’s largest insurance programs that was implemented seamlessly because of the efforts of India’s technology professionals.

Karnataka to develop six new knowledge cities and a Startup Park  

Speaking on the occasion, Shri Basavaraj S. Bommai, Chief Minister of Karnataka announced the setting up of six new cities in Karnataka to promote the growth of the knowledge and technology sectors in the state. These new cities will be developed in Kalaburagi, Hubballi-Dharwad, Mangaluru, Mysuru and Bengaluru. These cities will be well planned, high-tech and help promote IT, BT and startups. A dedicated Startup Park will be developed near the Bengaluru international airport which will be multi-modal and help promote various spheres of the startup eco-system, he said adding that the state needs to do much more for the growth of the startup industry. He had also announced that Knowledge and Technology City will be created near Bengaluru International Airport. 

He further added that the government will begin work on developing these cities within the next six months. The chief minister, Shri. Bommai also called upon the leaders of the scientific world to innovate for the betterment of the human race and develop technologies to create a new healthy human being and better future for all.

Distinguished guests at the inaugural ceremony included Dr C.N. Ashwath Narayan, Hon’ble Minister for Electronics, IT, Bt and S&T, Higher Education; Skill Development, Entrepreneurship & Livelihood, Government of Karnataka, Dr. Murugesh R. Nirani, Hon’ble Minister for Large & Medium Industries, Government of Karnataka, Shri. Siddaramaiah, Hon’ble Leader of Opposition, Karnataka Legislative Assembly, Shri. B.K. Hariprasad, Hon’ble Leader of Opposition, Karnataka Legislative Council, Mr. Martin Schroeter, Chairman & CEO, Kyndryl, Shri. Naveen Tewari, Founder & CEO, Inmobi, Dr. Kiran Mazumdar Shaw, Chairperson, Vision Group on Biotechnology, Government of Karnataka, Shri Kris Gopalakrishnan, Chairperson, Vision Group on Information Technology, Government of Karnataka and Shri. Prashanth Prakash, Chairperson, Vision Group on Startups, Government of Karnataka.

Unique distinction of having first and 100th unicorns

Dr C.N. Ashwath Narayan said the government of Karnataka has been enabling the right kind of learning and education in a big way to promote the growth of the knowledge sectors. The state government has set a target of achieving $300 billion digital economy by 2025, the share of bio technology will be $36 billion. The minister lauded the startup industry in Karnataka for achieving distinction of the first and the 100th unicorns in the country.

Also present at the event were Dr E. V. Ramana Reddy, Additional Chief Secretary, Dept. of Electronics, IT, Bt and S&T, Government of Karnataka; and Smt. Meena Nagaraj C.N., Director, Dept. of Electronics, IT & Bt, and Managing Director, KITS, Government of Karnataka, and Shri Arvind Kumar, Director General, Software Technology Parks of India.

The 25th edition of Bengaluru Tech Summit is today a testament of Karnataka's commitment to innovation and technology, supported by nimble policies and initiatives aimed at making the state the innovation hub of India. This journey began back in the year 1998, when Bangalore IT.biz was the country’s first ever IT focused event hosted by a city. It was inaugurated by the then Prime Minister of India Shri Atal Bihari Vajpayee. This was followed by the Bangalore Bio Summit in 2001, dedicated to the Biotechnology industry. Both these flagship events put the State of Karnataka on the Global map, projecting the State’s potential and contribution to the respective sectors. In the year 2017, both these flagship events were merged as Bengaluru Tech Summit.

The 3 day BTS2022 event will witness the coming together of global tech leaders, Indian corporates and startups from IT, Deep tech and Biotech, showcasing disruptive technologies, forging partnerships and alliances. 

Highlights of BTS2022

The 25th edition of Bengaluru Tech Summit will have participants from over 30+ Countries, 350+ Domain Experts in 70+ Sessions to be attended by 5000+ Delegates

Grand showcase of over 400 start-ups, Lab2Market display of India’s premier R&D institutes 

BTS 2022 will witness India’s largest international tech exhibition with over 575 organisations participating which will see the confluence of IT & Biotech majors 

BTS 2022 will host India USA Tech Conclave 2.0, and the Global Innovation Alliance (GIA)

BTS 2022 to organize Start-Up Pavilion that will have 330 exhibitors across diverse sectors

12 startup unicorns from Bengaluru who have flourished in the last one year to be recognized with the Bengaluru Impact Award

Special events which include the IT Export Awards, Smart Bio Awards, Rural IT Quiz, Bio Quiz and Bio Posters

An annual highlight at the Summit is the Global Innovation Alliance (GIA), an initiative of Government of Karnataka's Department of Electronics, IT, Bt and S&T with the objective of curating relationships in innovation, science and technology with various countries. This initiative has enabled the collaboration and deep engagements with 30+ partner countries, 18 GIA Tech Engagement Meets, 1,500+ Start-ups being engaged in projects, and 10+ academic institutions engaged across different projects.

India’s IT hub, the State of Karnataka is on a mission to promote faster and more inclusive growth across the IT and biotech sectors via dynamic policies and related initiatives. Some of the milestones include the Information Technology Policy 2020-25, establishment of K-Tech Innovation Hubs, the country’s first ARTPARK (AI & Robotics Technology Park), the Bengaluru Helix Biotechnology Park, and establishment of Centres of Excellence (CoE) to name a few.

Today, BTS 2022 is an important forum for dialogue amongst industry, startups, researchers, and policymakers to forge collaborations and alliances. This will also include Multi-Track Conferences on IT & Electronics, Deep Tech, Start-Ups & Biotech.

Overview of the conferences scheduled under each track for DAY 1:

 ITE & DeepTech

4 sessions which covered the themes of Lead the Techade, Convergence of technological revolution, Accelerating trust and responsibility, and Building India’s power in the emerging tech.

The sessions saw the participation of leaders and subject matter experts from Goldman Sachs, Mercedes Benz, Myelin Foundry, IBM India, Micron Technology, Bosch Global Software, and Intel Labs. 

STARTUPS

4 sessions which covered the themes of: We define tomorrow, Venture capital’s long-term growth, Building robotics ecosystem, and the Future of Digital Publics Good.

The sessions saw the participation of subject matter experts from IvyCap Ventures, 3one4 capital, Ideaspring Capital, Pi Ventures, India Quotient, UAVIO Labs Pvt Ltd, Volvo Group India, iSPIRIT foundation.

BIOTECH

4 sessions which include the themes of Leading the new normal, Genomics revolution 2.0 and its implications, Smart Supply Chains in Biopharma and Gene Editing and Agriculture.

The session saw the participation of leaders and subject matter experts from Illumina, Strand Life Sciences, MedGenome Labs Ltd, C-Camp InDx, Ingram Micro, Anthem, and Agrigenome Labs.

GIA

Panels by 4 partner countries: France, Australia, Canada, and Finland.

The sessions focused on data localization to digital upskilling, innovation gateway to the world, unleashing the 5G with Nokia and Australia – a great place for a tech business, investment, work and study.

Other highlights of the day include an expo and bio poster visit, followed by a Silver Jubilee function and felicitation of the top 35 companies from various sectors.