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We are creating a simplified investing ecosystem: Crypto unicorn CoinSwitch

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Crypto is an emerging yet attractive asset class. It is a $1.25 trillion market globally. The India adoption story is no different with nearly 20 million unique users, over $6.6 billion in investments and more than a billion dollars in venture capital funding.

India is already the second-largest in terms of crypto adoption globally.

Crypto in India has come a long way but this is just the beginning — Crypto is a billion people industry in the making.

Govind Soni, Co-Founder and Chief Technology Officer, CoinSwitch, India’s largest crypto investing app, told IANS that their priority is to make it transparent, trustworthy and secure, and enable Indians to participate in this technology shift in a meaningful way.

Excerpts from the interview:

Q: Why is Crypto important, and how can India benefit from it?

A: Crypto is the gateway to a decentralised internet. The computing power of the billions of devices around the world can be utilised and incentivised using Crypto to build a new internet, called Web3.

India has the opportunity to take the lead in this transformation. We have the talent, users and the startup ecosystem. And we are witnessing an upskilling and migration of India’s large pool of engineers and developers to the cutting-edge and advanced field of blockchain and crypto.

All this puts India in a sweet spot. With an enabling regulatory environment, India can get a headstart and steer the direction of Web3 while it is built.

Q: Crypto has come a long way. Every day we hear news that even Wall Street giants are adopting Crypto. Why is that?

A: Institutional adoption is a sign that Crypto has well and truly grown beyond white papers to be a smart investment class. The origin of Crypto may have been based on an idea of a digital currency, but now it has evolved to become an attractive, emerging asset class.

There are several interesting use-cases being built on this technology. That is the intrinsic value of Crypto: The confidence and uptake of the underlying blockchain technology. Institutional investors understand this and have done their due diligence.

While retail investors continue to be the early adopters and torchbearers of Cryptos, growing institutional adoption underlines the fact that this is an asset class that is here to stay.

Even traditional markets are adopting and gaining exposure to Cryptos. All of this bodes well for the growth of the asset class.

Q: What about India? There is regulatory uncertainty on Crypto here. Do you see this changing and Crypto becoming a mainstream asset class here?

A: Certainly. Cryptos are an emerging asset class that speak to India’s digital-savvy population.

With regulatory clarity, institutional investors too will find the confidence to invest in and benefit from Cryptos.

As we have seen globally, Cryptos can attract significant institutional and foreign investments if regulations can enable innovations and provide the necessary guardrails. India can benefit similarly.

Innovations such as decentralised finance, or DeFi, can be an effective and fast enabler of capital for small and medium-scale businesses in India. Crypto is also paving the way for interesting applications such as decentralized social media that Indians can greatly benefit from.

Q: How is CoinSwitch protecting investors on its platform?

A: At CoinSwitch, investor protection is of utmost importance to us. While we have been using various digital platforms to inform, educate and engage with new crypto enthusiasts, we are continuously updating our app to help users make informed investing decisions.

And, numbers tell the story. The average time a user spends on our app reading, buying, selling, or trading has gone up to 27 minutes from 13 minutes in January 2021.

In line with our ongoing product feature upgrades to tighten platform security, we have launched Riskometer — our attempt to help users think twice before investing in a coin. The Riskometer provides a risk warning on coins that are highly volatile, or when the risk assessment suggests that users need to proceed with caution while investing.

We understand that ensuring compliance with relevant regulations is key to ensuring a safe, secure, and trustworthy user experience. Users on our platform can utilise their account balances (of Indian Rupees and crypto assets) to only transact on our platform or withdraw Indian Rupees. They can only deposit Indian Rupees from their verified bank account. Similarly, after selling crypto assets, users can withdraw Indian Rupees only to their verified bank account.

Q: What does cloud technology enable you to do better?

A: Amazon Web Services (AWS) allows to scale up on infrastructure and services without having any dependencies, or minimum usage commitments. AWS continues to make incremental improvements to its solutions and services, allowing us to easily deliver value to our customers. If we had to build these capabilities on our own it would have taken us significantly longer. With the shared responsibility model, security of the cloud is addressed by AWS and this helps us considerably reduce our efforts towards security and compliance. AWS account team and Enterprise Support provides proactive guidance and support as we scale our platforms. AWS is the easy answer for any internet-based ecosystem that wants to scale faster.

CoinSwitch is trusted by over 18 million registered users, making it the largest crypto investing app in India. Ours is a built-to-scale platform developed on top of AWS. Among a host of things, AWS has improved our time to market, handle spikes in traffic, and manage risks more efficiently. All of these put together help us provide a simplified and secure user experience on the app.

Business

EAM Jaishankar lays out three objectives to bolster India-Central Asia trade ties

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New Delhi, June 6: External Affairs Minister (EAM) S. Jaishankar has urged the India-Central Asia Business Council to recommend a roadmap for further deepening of India-Central Asia ties in trade, economic and investment.

Addressing the Business Council meeting in the national capital, EAM Jaishankar highlighted three broad objectives for strengthening the economic partnership — deepen existing cooperation, diversify the trade basket and introduce sustainability and predictability in economic interactions.

“One, is to deepen the existing cooperation both in terms of volume and in terms of quality. There is already I think a recognition in each others countries and each others economies of the players and of the products. But, we must build further on that foundation and a very good example here is actually the pharmaceutical sector,” he told the gathering.

“Two, we need to diversify our trade baskets so that all of us have more options and we have more competition and in a way we are looking for new opportunities. I would like our friends from central Asian economies to appreciate that an economy today which is in excess of $4 trillion, which is growing at 6-8 per cent annually, it will create new demands for products, for services and even I would say in a way new demands out of more prosperous lifestyles,” EAM Jaishankar emphasised.

He also stressed on the need to introduce greater sustainability and more predictability in economic interactions.

“That means more long-term contracts and arrangements, cross investments, joint ventures and certainly sectors like energy whether we are talking uranium, whether we are talking crude oil even potentially gas, whether we are looking at mining, If you are talking about coal or if you are discussing fertilizers, I think these are all relevant examples to reach really long term understatings between us,” the foreign minister highlighted.

India’s trade and economic ties with Central Asia over the last decade have shown a very strong positive trend. Mutual trade was less than $500 million a decade ago in 2014.

Today, “what we have collectively is actually a trade volume which is almost touching $2 billion. However, this figure does not reflect the full potential. The need to address this is today even more urgent because of the uncertainties of the international economy and this requires governments and businesses to work together in tandem, which is why all of us are here in this room,” EAM Jaishankar noted.

He also laid out five solutions to further bolster the India-Central Asia economic ties: Digital Economy and Innovation, Financial Services, Healthcare and Pharma, improving connectivity and streamlining Transit Procedures.

“In addition to all of this, I think you would agree that tourism, education, films, and cultural exchanges, these are all important, they should be tapped for their economic and business potential,” he mentioned.

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disaster

Op Jal Rahat-2: Army rescues over 2,500 flood-hit people in Manipur

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Imphal, June 5: As torrential rains and flooding continue to disrupt normal life in Imphal and surrounding areas, the Indian Army and Assam Rifles have been at the forefront of relief and rescue efforts under the ongoing ‘Operation Jal Rahat-II’ relief operation.

A Defence spokesman said on Thursday that since May 31, the Indian Army and Assam Rifles troops have been working tirelessly across multiple flood-affected localities in Imphal East and Imphal West districts, providing critical assistance to the flood-affected population within certain cases, without waiting for formal requisition.

Operating under extremely challenging conditions, the Indian Army and Assam Rifles have evacuated nearly 2,500 civilians to safety during the rescue operation so far.

Major evacuations took place in Imphal’s Wangkhei areas, where 778 individuals were rescued and at government-run Jawaharlal Nehru Institute of Medical Sciences (JNIMS) medical college and hospital, where 750 people, including 15 patients requiring urgent care, were safely evacuated.

Continuing the efforts in Imphal’s Khitai Chingangbam Leikai areas, 110 civilians were brought to safety, while 115 were rescued from Laishram Leikai, the spokesman said.

Rescue teams also evacuated 65 individuals from Lamlong and 75 from Heinjang areas, where operations included navigating through challenging terrain and fast flood stream due to breach in the Imphal River embankment.

He said that at other locations in Imphal East and West districts, an additional 408 people including 179 women and 92 children were extricated.

In a testament to their inclusive and compassionate approach, Indian Army and Assam Rifles personnel also carried out special missions to rescue three specially-abled adults from different locations.

The troops not only rescued stranded civilians but also established a medical camp providing aid to over 400 civilians, simultaneously carrying out defogging operations to mitigate health hazards caused by stagnant water.

Their rapid response helped prevent further deterioration of living conditions and safeguarded the health of the community.

According to the Defence spokesman, the unprecedented floods had left the local population struggling for survival, with clean drinking water becoming an urgent necessity in the flood-ravaged village of Soibam Leikai in Imphal East.

Responding swiftly to the crisis, a team led by an Indian Army Officer reached the village with essential supplies and an unwavering resolve to help.

Recognising the immediate need for safe drinking water, the Army established emergency drinking water distribution points, ensuring that the residents had access to clean and potable water.

Also, 5,750 litres of fresh water was supplied to fulfill the immediate requirement.

The official said that equipped with rescue boats, medical teams and essential relief materials, the Indian Army soldiers have been operating in close coordination with Assam Rifles and the civil administration.

The efforts of Indian Army and Assam Rifles reflect the ethos of ‘Service Before Self’ and unwavering commitment to safeguard the lives of citizens, the spokesman said.

He said that as flood relief operations continue, the Indian Army and Assam Rifles remain fully committed to supporting the people of Manipur during this crisis and would persist in extending every possible assistance to mitigate the impact of the ongoing natural disaster.

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National

Bengaluru stampede: K’taka govt releases details of deceased; families raise questions

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Bengaluru, June 5: The Karnataka government on Thursday released the details of the 11 people killed in the stampede near the Chinnaswamy Stadium in Bengaluru during the Royal Challengers Bengaluru’s (RCB) victory celebrations on June 4.

Among the dead, one hailed from Udumalapet near Coimbatore in Tamil Nadu, and the rest are from Bengaluru and other districts of the state.

According to the details shared by the Chief Minister’s Office, the deceased have been identified as 14-year-old Divyanshi, a resident of Yelahanka in Bengaluru; 26-year-old Akshata Pai, a resident of Karwar; 19-year-old Bhoomik, a resident of M.S. Ramaiah Layout in Bengaluru; 23-year-old Sahana, a native of Kolar; 19-year-old Chinmaya Shetty, a resident of Doddakallasandra in Bengaluru; 20-year-old Manojkumar, a resident of Nagasandra village in Tumakuru district; 20-year-old Shravana K.T., a resident of Kallahalli village in Chikkaballapura district; 17-year-old Shivu aka Shivalinga, a resident of Honigeri village in Yadgir district; 20-year-old Poornachandra, a resident of Rayasamudra village in Mandya district; 29-year-old Kamakshidevi, a resident of Udumalapet near Coimbatore in Tamil Nadu and 22-year-old Prajwal, a resident of Yelahanka New Town in Bengaluru are the deceased persons.

Laxman, the father of deceased Bhoomik (19), stated he was given information that his son was serious and asked to arrive at the hospital. “My son never watched cricket matches, he had gone along with his friends. I was informed that when the stampede occurred, there was no ambulance, and my son was shifted to the hospital in a police vehicle.”

He further expressed his outrage that he pays the government tax up to Rs 5 lakh per month, and the government wasn’t able to provide an ambulance to his son.

Suresh Babu, the father of deceased Sahana (23), stated his daughter informed him that she is going to attend the RCB victory celebrations at noon. “She had gone to the office in the morning, and later she went to the Chinnaswamy Stadium. “I wanted to see my daughter’s marriage and but now I am garlanding her dead body. She completed her engineering studies and worked at Bosch Company in Bengaluru for two years. She never caused us pain. I had asked her to be careful. The system has failed,” he stated.

The mother of the deceased, Prajwal (22), said she had to run from one hospital to another after being informed about the tragedy. She stated that Prajwal was her only son, and being a labourer, she managed somehow to complete the engineering course. “The government has snatched away my only son. Do they know how it feels to lose a son?” she asked.

The state government has announced Rs 10 lakh compensation for the families of the deceased and also ordered a magisterial probe.

The BJP has said that the deaths were government-sponsored murders and demanded the immediate resignation of Home Minister G. Parameshwara.

Taking cognizance of the stampede incident, the Karnataka High Court on Thursday registered a suo motu Public Interest Litigation (PIL) and sought a report from the Congress-led Karnataka government.

The division bench, headed by acting Chief Justice V. Kameshwar Rao, expressed concern over the tragedy.

Social activist Snehamayi Krishna filed a complaint with the Cubbon Park police on Thursday against Chief Minister Siddaramaiah, Deputy CM D.K. Shivakumar, office-bearers of the KSCA, and others. In his complaint, Krishna demanded that the police register the case under Section 106 of the BNS Act.

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