Vauld will replace its current board with a new CEO, a creditor representative, and a scheme manager Singapore courts passed Vauld’s scheme of arrangement, founder Darshan Bathija informed Founded in 2018 by Bhatija and Sanju Soni Kurian, Singapore-headquartered Vauld is backed by Valar Ventures, Pantera Capital, Coinbase Ventures, among others Embattled crypto-lending firm Vauld is set to overhaul its current board, appointing a new CEO, a creditor representative, and a scheme manager, Vauld’s founder and current CEO, Darshan Bathija, said on X (Twitter). He said that the Singaporean courts have approved Vauld’s proposed restructuring plan. “Vauld (Defi Payments Pte Ltd) got its scheme of arrangement passed in Singapore courts. As part of the scheme, the current board will be replaced with a new CEO, a creditor representative, and a scheme manager,” he said. Founded in 2018 by Bhatija and Sanju Soni Kurian, Vauld is a Singapore-based crypto lending platform. Backed by investors such as Valar Ventures, Pantera Capital, Coinbase Ventures, CMT Digital, Gumi Cryptos, Robert Leshner, and Cadenza Capital. The firm holds assets valued at approximately $330 Mn, offset by liabilities amounting to $400 Mn. Last July, Vauld announced plans to suspend operations. In an email dated July 11, Vauld’s Bathija told investors that the company had applied to a Singapore court for a moratorium. This was to prepare for a business restructuring, as the company wanted to safeguard the interests of all stakeholders. While the company started discussions with London-based crypto lending platform Nexo, it called off a potential acquisition by rival Nexo. In December, Vauld wrote to its creditors in an email that the deal with Nexo had not come to fruition. The company has come under regulatory scrutiny as well. Last year, the Enforcement Directorate (ED) froze assets worth INR 370 Cr belonging to a Bengaluru-based company lying with Flipvolt Technologies, the Indian entity of Vauld. The assets were parked in Flipvolt as bank and payment gateway balances and crypto assets. The ongoing turmoil in the crypto market, and regulatory ambiguity have hit the crypto startups in India. Due to market uncertainties, three crypto startups – Pillow, Flint Money, and WeTrade had to shut their operations in the past few months. Recently, Coinbase Ventures-backed crypto exchange CoinDCX has let go of 12% of its workforce or 71 employees out of its total workforce of 590 employees. In a blogpost, cofounders Sumit Gupta and Neeraj Khandelwal cited ongoing macroeconomic conditions and the TDS on crypto transactions for the layoffs.

Commodities LIVE: Gold prices surge to 3-week high on soft PMI data | Silver gains 4% overnight Gold prices reached a three-week high amid soft PMI data from the United States and Euro Zone. The decline in US Dollar from a two-month high has bolstered buying activity. Meanwhile, silver prices have surged by 4 percent overnight and is now trading at a three-week high. The USD and Treasury Yields have retreated ahead of the Jackson Hole meeting, with industrial demand projected to rise. Notably, solar panels are expected to account for 14 percent of global silver consumption. Watch Manisha Gupta in conversation with Somsundaram PR, Regional CEO of the World Gold Council only on Commodities Corner.

Former President Donald Trump is back on X, formerly known as Twitter. Trump returned to the platform more than two-and-a-half years after his account was suspended indefinitely by the platform’s former management. His account was suspended on January 8, 2021, citing fears that he would incite additional violence following the storming of the US Capitol building. The post on X came on the day he surrendered at an Atlanta jail on charges related to his alleged efforts to overturn Georgia’s 2020 election results. He posted a photo of his mug shot, with the caption: “Election interference. Never surrender!”. The post also has a link to his website, which directs to a fundraising page. Twitter’s new owner Elon Musk reinstated his account in November last year. However, Trump had so far refrained from tweeting/posting, insisting that he was happier on his own site, Truth Social. Trump launched Truth Social, a Twitter lookalike, after he was suspended from Twitter and Facebook. Trump returned to Facebook in March, posting, “I’M BACK!” weeks after his personal account there was reactivated.It’s a ‘homecoming’Trump’s message marked a homecoming of sorts on the platform that analysts term one of his “most important megaphones” and the “one he used to dominate his rivals in the 2016 primary and to command the news cycle for years”. Trump is the current front-runner for the Republican presidential nomination. Trump has 86.6 million followers on what is now known as X, dwarfing his rivals in the 2024 race.It is also not clear if the post on X is one off or he will continue to post regularly on the platform. Trump also posted the same message on Truth Social and continues to promote the site. “I LOVE TRUTH SOCIAL. IT IS MY HOME!!!” he wrote.Nonetheless, the message marked a homecoming of sorts for Trump to one of his most important megaphones – one he used to dominate his rivals in the 2016 primary and to command the news cycle for years. Trump often marveled at how quickly his missives would travel from his account to cable news stations under the banner “BREAKING NEWS.”Incidentally, as part of his deal with Digital World Acquisition Corp to take Truth Social public, Trump had agreed that ‘Truth Social’ would be the “first channel” for “any and all social media communications and posts coming from his personal profile,” according to a filing with the US Securities and Exchange Commission.This reportedly included an exclusivity clause in which the former president was “generally obligated to make any social media post on Truth Social and may not make the same post on another social media site for 6 hours” for a period of 18 months, beginning December 22, 2021. That period ended in June.

LegisTrak 2.0Legal tech company Legistify has expanded its product portfolio with the launch of a new platform. LegisTrak 2.0 is a SaaS platform that helps with legal management for businesses. This tool is an end-to-end legal management suite that is designed for enterprise customers. The platform helps companies to leverage its SaaS to streamline contract management, centralise matter management and enforce IP protection. LegisTrak 2.0 also uses artificial intelligence to help businesses make informed decisions and boost their ROI. Legistify already has a customer base of 300+ enterprises which includes — Coca-Cola, Dabur, Decathlon, SBI General Insurance, IDBI Bank, Whirlpool, Indiamart, Panasonic, JCB, Dell, ICICI Lombard and moreLegal complications faced by companiesHere’s a list of complicated legal matters that every company faces. These issues are handled by LegisTrak 2.0:● Managing legal matters, coordinating among departments, tracking deadlines and doing effective resource allocations.● Complex contract lifecycles, overseeing contractual obligations and key dates is super difficult.● Navigating through all this, while safeguarding the organisation’s brand and business.● Lack of information that often leads to the legal team providing inaccurate assessments, even to the leadership. This may have severe repercussions impacting the whole organisation in the short as well as the long run.Benefits of LegisTrak 2.0 The company states that “this technology does not replace the skills of any lawyer, but compliments and enhances them.” Here’s a list of benefits the platform has to offer:● Eliminates manual admin tasks right away. Streamlines and centralises matter management. The tool also enables easy tracking and boosts productivity. ● It can access control from creation and negotiation to execution and renewal of legal contracts. The product offers enhanced collaboration and mitigates risks through AI● All the information around the company’s contracts, matters and IP can be stored with LegisTrak 2.0● The platform can create reports, access helpful analytics and showcase presentation-ready dashboards. Legistify’s proprietary technology can unlock access to critical information and helps users with effective decision making.● LegisTrak 2.0 also helps in time management.

itel Smartwatch 2 Ultra is official. The wearable comes with a 600mAh battery that is claimed to provide 12 days of usage. It features a 2-inch IPS display and Bluetooth calling.itel Smartwatch 2 Ultra price, availabilityitel Smartwatch 2 Ultra is priced at Rs 2,099 and can be purchased from authorised itel retailers and online stores.“In today’s dynamic world, the GenZ craves innovation and style rolled into a single, comprehensive device. In response to this trend, itel proudly introduces the Smartwatch 2 Ultra, a marriage of cutting-edge technology and unmatched trendiness in wearable devices,” said Arijeet Talapatra, CEO of Transsion India.itel Smartwatch 2 Ultra specificationsThe itel Smartwatch 2 Ultra sports a 2-inch IPS display and comes with over 100 customisable watch faces.With a 600mAh battery, the itel Smartwatch 2 Ultra offers 30 days of standby time and 12 days of usage. There is an Ultra Power Mode and connectivity with a single tap or a dedicated key.The smartwatch comes equipped with Bluetooth capabilities, inbuilt mic and speaker for clear calls, contacts synchronisation and dial pad.The itel Smartwatch 2 Ultra offers continuous monitoring of heart rate, SpO2, and sleep patterns. It also supports over 100 sport modes. itel Smartwatch 2 Ultra Specifications Display 2.0 IPS Display 240*296P Resolution Battery 600mAh Battery 30 Days Standby 12 Days Usage Time Sensor 24*7 Health MonitoringSpO2| Heart Rate| Sleep Tracking Smart Controls Camera & Music ControlMessage NotificationsFind Phone Connectivity Bluetooth 5.3 Others 100+ Watch Faces 100 Sport Modes In The Box Smartwatch | Magnetic Charger Colours Light gold dial with an orange strap

Mamaearth has held preliminary discussions with the likes of SoftBank, Singapore’s GIC, Qatar Investment Authority, and Fidelity Investments for the funding round The pre-IPO funding round will mostly be a secondary share sale, with some early investors expected to sell their shares Earlier this month, Mamaearth received the final approval from SEBI for its IPO, comprising a fresh issue of shares worth INR 400 Cr and an OFS element of 46.82 Mn equity shares Beauty ecommerce unicorn Mamaearth is reportedly looking to raise about $120-150 Mn (INR 993 Cr-INR 1,241 Cr approx.) in a new funding round at a valuation of $1.5 Bn, ahead of its initial public offering (IPO).  Mamaearth has held preliminary discussions with the likes of SoftBank, Singapore’s GIC, Qatar Investment Authority, and Fidelity Investments for the funding, Moneycontrol reported citing sources. The startup’s early investors are reportedly looking to cash out in the round prior to the IPO. The pre-IPO funding round will mostly be a secondary share sale. Mamaearth, being a profitable company, does not need a primary capital infusion at this point, a source told the publication. Mamaearth was not immediately available to respond to Inc42’s query on the development. As per the publication, the talks about the fundraise are still in their early stages. “SoftBank has been largely looking at follow-on rounds. Mamaearth is profitable and with broader markets looking up, its IPO could sail through which makes it a good fit for SoftBank,” a source was quoted as saying. However, it is pertinent to note that amid growing losses, SoftBank has significantly lowered its new investments in the country over the last two years. It has also been trying to exit startups in its India portfolio and offloaded shares in many companies, including Paytm and Zomato. On the other hand, Mamaearth received the final approval from the Securities and Exchange Board of India (SEBI) to float its IPO earlier this month. The company filed its draft red herring prospectus (DRHP) in December last year. The IPO comprises a fresh issue of shares worth INR 400 Cr and an offer for sale (OFS) element of 46.82 Mn equity shares. Founded by the husband-wife duo of Varun and Ghazal Alagh in 2016, Mamaearth started its journey as a D2C brand selling baby care products. Gradually, it forayed into the personal care segment and now has products ranging from makeup and hair care to body care and others.  As per the DRHP, investors of Honasa, the parent company of Mamaearth, including founders, Ghazal and Varun Alagh, Evolvence, Stellaris Venture Partners, Fireside Ventures, Sofina Ventures SA, Snapdeal founder Kunal Bahl, and Bollywood actress Shilpa Shetty Kundra, are expected to dilute their holding in the IPO. The D2C major turned profitable in FY22 with a standalone net profit of INR 19.8 Cr compared to a net loss of INR 1,332.2 Cr the previous year. 

A new analysis shows that “open source” AI tools like Llama 2 are still controlled by big tech companies in a number of ways.

Google’s Bard and OpenAI’s ChatGPT are claimed to be proficient in writing code. Meta has now entered this space by launching Code Llama, a large language model (LLM) that can use text prompts to generate and discuss code. “Code Llama is state-of-the-art for publicly available LLMs on coding tasks. It has the potential to make workflows faster and more efficient for developers and lower the barrier to entry for people who are learning to code,” the company said.“Code Llama has the potential to be used as a productivity and educational tool to help programmers write more robust, well-documented software,” it added.How does Code Llama work?Meta explained that Code Llama is a code-specialised version of Llama 2 that was created by further training Llama 2 on its code-specific datasets. This brought enhanced coding capabilities and can also be used for code completion and debugging. It supports many of the most popular programming languages used today, including Python, C++, Java, PHP, Typescript (Javascript), C#, Bash and more. Meta is releasing Code Llama for both research and commercial use under the same community licence as Llama 2.“Code Llama is designed to support software engineers in all sectors — including research, industry, open source projects, NGOs and businesses,” the company said.Coda Llama in three sizesMeta is releasing Code Llama in three sizes: 7B, 13B and 34B parameters. While each model is trained with 500B tokens of code and code-related data, they address different serving and latency requirements. The lightweight 7B model can be served on a single GPU, is fast and is suitable for tasks that require low latency. Similarly, the 13B model is more suitable for tasks like real-time code completion. The 34B model returns the best results and allows for better coding assistance.

As the world of cryptocurrency continues to evolve at a rapid pace, so does the regulatory landscape surrounding it. The intersection of cutting-edge technology and traditional financial systems has prompted governments and regulatory bodies around the globe to adapt their policies to ensure the stability and security of this new digital frontier. In this article, we’ll delve into the essential insights about the future of cryptocurrency regulation, exploring the challenges, trends, and potential outcomes that lie ahead. Cryptocurrencies have disrupted the traditional financial landscape, offering new opportunities and challenges. As these digital assets gain mainstream attention, governments and regulatory bodies are grappling with the task of crafting effective regulatory frameworks that balance innovation with safeguarding investors. The Current State of Cryptocurrency Regulation The regulatory status of cryptocurrencies varies significantly from country to country, with some nations embracing them as a legitimate asset class while others adopt a cautious approach or even impose outright bans, creating an environment of uncertainty for businesses and investors alike. Following the latest crypto news now can be quite the daunting task, so make sure to follow up daily and see what is happening in the fast paced world of crypto! Challenges in Regulating Cryptocurrencies The borderless nature of cryptocurrencies and their decentralized structure present unique challenges for regulators. Ensuring consumer protection, preventing fraud, and detecting money laundering become complex when dealing with digital transactions that transcend traditional borders. Global Trends in Cryptocurrency Regulation Several trends are shaping the future of cryptocurrency regulation. These include increased dialogue between governments and industry stakeholders, a shift toward clearer regulatory guidelines, and efforts to integrate cryptocurrencies into existing financial systems. Innovative Approaches to Regulation Regulators are exploring innovative methods to keep up with the pace of cryptocurrency evolution. Regulatory sandboxes, where startups can test new products under supervision, are gaining popularity. This allows for experimentation while maintaining a level of oversight. Impact on Market Dynamics Cryptocurrency markets are highly sensitive to regulatory news. Sudden announcements of stricter regulations or bans can lead to significant price volatility. Balancing regulation to provide stability without stifling growth is a delicate task. Balancing Innovation and Investor Protection Regulators face the challenge of fostering innovation within the cryptocurrency space while protecting investors from scams and fraudulent schemes. Striking the right balance is crucial to realizing the full potential of blockchain technology. The Role of Decentralization in Regulation Decentralization, a core principle of many cryptocurrencies, poses a dilemma for regulators. While it enhances security and transparency, it also complicates enforcement. Finding ways to regulate decentralized systems without compromising their integrity is an ongoing challenge. Privacy and Anonymity Concerns Cryptocurrencies offer a level of privacy and anonymity that traditional financial systems don’t. This raises concerns about illicit activities and money laundering. Striking a balance between privacy and regulatory oversight is a pressing issue. Regulatory Responses to Niche Cryptocurrencies The emergence of niche cryptocurrencies with specific use cases, such as privacy coins and stablecoins, presents regulators with unique challenges. Each category requires tailored regulatory approaches to address its specific risks and benefits. Collaboration between Governments and Industry The complex nature of cryptocurrencies necessitates collaboration between governments, regulatory bodies, and the industry. This cooperation can lead to more informed and effective regulations that support innovation while minimizing risks. Future-Proofing Regulations in a Fast-Changing Landscape The cryptocurrency landscape is dynamic, with new technologies and trends constantly emerging. Regulators must create flexible frameworks that can adapt to these changes to ensure regulations remain relevant and effective. Potential Socioeconomic Impacts of Regulation Cryptocurrency regulation can have far-reaching socioeconomic effects. It can influence job creation, investment trends, and even international trade dynamics. Balancing these impacts is vital for sustainable growth. Investor Education and Awareness Educating investors about the risks and benefits of cryptocurrencies is a critical component of effective regulation. Informed investors are better equipped to navigate the complex world of digital assets and make responsible decisions. Conclusion As governments and regulatory bodies strive to keep up with the rapid evolution of cryptocurrencies, finding the right balance between innovation and investor protection remains a paramount goal. The future of cryptocurrency regulation will likely involve increased collaboration, innovative approaches, and a commitment to fostering a safe and thriving digital financial ecosystem.

According to Brad Smith, many countries will look to India for a global discussion on subjects related to AI and the world is optimistic about getting innovative solutions from India Smith is on a visit to India to attend the B20 Summit, a G20 dialogue forum for the global business community In July, the IT minister said that the country will regulate AI in a similar fashion it plans to regulate Web3 or any emerging technology Amid the B20 Summit India 2023, a G20 dialogue forum for the global business community, Microsoft vice chair & president Brad Smith penned a note demonstrating India’s position in the global artificial intelligence (AI) ecosystem.  In his post, which is the foreword for Microsoft’s report ‘Governing AI: A Blueprint for India’, Smith stated that India is ‘well positioned to help advance a global discussion on AI issues’. According to him, many countries will look to India for a global discussion on subjects related to AI.  Smith, who is on a visit to India for the G20 Summit, is of the view that India’s efforts to advance the Indo-Pacific Economic Framework mark the country’s potential to lead major economies and drive support for responsible AI development and deployment within the Global South.  According to Smith, for international-level of AI governance, nations need a multilateral framework that connects various national rules and ensures a certified and safe AI system. He added that working towards a planned internationally interoperable approach to responsible AI is critical for maximising the benefits of AI globally.  “Recognising that AI governance is a journey, not a destination, we look forward to supporting these efforts in the months and years to come,” Smith wrote. He stated that the world is optimistic about the innovative solutions from India.  Smith has penned down his perception of India’s AI governance at a time when the Indian government has already announced that it is planning to regulate the uses of AI to protect digital citizens from any cyber harm.  In July, Minister of State for Electronics and Information Technology Rajeev Chandrasekhar announced, “We will regulate AI as we will regulate Web3 or any emerging technologies to ensure that these technologies don’t harm digital nagriks.” Many global tech leaders, too, seem to be looking at India, which is an emerging leader in the global tech market. Earlier, OpenAI’s CEO Sam Altman made a similar note after his meeting with Prime Minister Narendra Modi on the need to regulate AI usage globally and the opportunities that India can present in this process.