Catch The Metaverse Summit 2023 in Mumbai in March and other Web3 news

The Metaverse Summit in Mumbai in March

YourStory’s The Metaverse Summit, a major conference centred around the development and adoption of Web3 technology, will be held in Mumbai in March 2023.

The conference will bring together founders, investors, developers, and community members from the Indian and global Web3 community.

Its aim is to accelerate the adoption of blockchain use cases and connect Web2 enterprises, startups, and financial institutions with Web3 protocols and startups.

Blockchain against counterfeits

There are several startups working to address counterfeiting using blockchain technology. One such initiative is Autify Network, founded by Nabarun Chakraborty.

Autify is building a trust protocol for supply chains and cross-border commerce using blockchain technology to bring transparency to the supply chain process.

The company is also working on insurance blocks that automatically trigger payouts based on real-world data to suppliers, manufacturers, and brand owners.

Transactions on Autify’s platform will occur on a permissioned chain, which preserve the privacy of its participants, while digital twins of physical goods will be placed on a public chain for easy verification.

Initiatives like Autify demonstrate the potential of blockchain technology to solve real-world problems and bring about positive change.

CoinSwitch releases Proof of Reserves

In other news, Indian cryptocurrency trading platform CoinSwitch has released a proof of reserves report showing that it holds a total of $131.09 million in cryptocurrency assets.

The report states that 85% of these assets, worth $112.99 million, are held in custodial wallets, while the remaining 15%, worth $18.1 million, are held on exchanges such as CoinDCX, WazirX, Binance, and CoinSwitchX.

CoinSwitch, which is backed by Andreesen Horowitz, also noted that it holds more cryptocurrency assets than its users and that the data in the report was independently verified in November 2022.