The Metaverse Summit in Mumbai in March

your history Metaverse Summit, a major conference focused on the development and adoption of Web3 technology, will be held in Mumbai in March 2023.

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

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

Blockchain against counterfeiting

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

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

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

Transactions on the Autify platform will take place on a permissioned chain, which preserves 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 publishes Proof of Reserves

In other news, Indian cryptocurrency trading platform CoinSwitch has released a test 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 portfolios, 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 owns more cryptocurrency assets than its users and that the data in the report was independently verified in November 2022.