As part of his multi-year project to build a quantum computer, hacakday.io poster [skywo1f] has shared with us his most recent accomplishment — a Nuclear Magnetic Resonance Spectrometer, which he …read more

The Franck–Hertz experiment was a pioneering physics observation announced in 1914 which explained that energy came in “packets” which we call “quanta”, marking the beginning of quantum physics. Recently, [Markus …read m

India has been one of the top recipients of remittances in the world for more than a decade. Inward remittances jumped from $55.6 billion in 2010-11 to $118.7 billion in 2023-24, according to data from the country’s central bank. The bank projects that figure will reach $160 billion in 2029. This means there is an increasing market for digitalized banking experiences for non-resident Indians(NRIs), ranging from remittances to investing in different assets back home. Aspora (formerly Vance) is trying to build a verticalized financial experience for the Indian diaspora by keeping convenience at the center. While a lot of financial products are in its future roadmap, the company currently focuses largely on remittances. “While multiple financial products for non-resident Indians exist, they don’t know about them because there is no digital journey for them. They possibly use the same banking app as residents, which makes it harder for them to discover products catered towards them,” Garg said. In the last year, the company has grown the volume of remittances by 6x — from $400 million to $2 billion in yearly volume processed. With this growth, the company has attracted a lot of investor interest. It raised $35 million in Series A funding last December — which was previously unreported — led by Sequoia with participation from Greylock, Y Combinator, Hummingbird Ventures, and Global Founders Capital. The round pegged the company’s valuation at $150 million. In the four months following, the company tripled its transaction volume, prompting investors to put in more money. The company announced today it has raised $50 million in Series B funding, co-led by Sequoia and Greylock, with Hummingbird, Quantum Light Ventures, and Y Combinator also contributing to the round. The startup said this round values the company at $500 million. The startup has raised over $99 million in funding to date. Techcrunch event Save $200+ on your TechCrunch All Stage pass Build smarter. Scale faster. Connect deeper. Join visionaries from Precursor Ventures, NEA, Index Ventures, Underscore VC, and beyond for a day packed with strategies, workshops, and meaningful connections. Save $200+ on your TechCrunch All Stage pass Build smarter. Scale faster. Connect deeper. Join visionaries from Precursor Ventures, NEA, Index Ventures, Underscore VC, and beyond for a day packed with strategies, workshops, and meaningful connections. Boston, MA | July 15 REGISTER NOW After pivoting from being Pipe.com for India, the company started by offering remittance for NRIs in the U.K. in 2023 and has expanded its presence in other markets, including Europe and the United Arab Emirates. It charges a flat fee for money transfer and offers a competitive rate. Now it also allows customers to invest in mutual funds in India. The startup markets its exchange rates as “Google rate” as customers often search for currency conversion rates, even though they may not reflect live rates. The startup is also set to launch in the U.S., one of the biggest remittance corridors to India, next month. Plus, it plans to open up shop in Canada, Singapore, and Australia by the fourth quarter of this year. Garg, who grew up in the UAE, said that remittances are just the start, and the company wants to build out more financial tools for NRIs. “We want to use remittances as a wedge and build all the financial solutions that the diaspora needs, including banking, investing, insurance, lending in the home country, and products that help them take care of their parents,” he told TechCrunch. He added that a large chunk of money that NRIs send home is for wealth creation rather than family sustenance. The startup said that 80% of its users are sending money to their own accounts back home. In the next few months, the company is launching a few products to offer more services. This month, it plans to launch a bill payment platform to let users pay for services like rent and utilities. Next month, it plans to launch fixed deposit accounts for non-resident Indians that allow them to park money in foreign currency. By the end of the year, it plans to launch a full-stack banking account for NRIs that typically takes days for users to open. While these accounts can help the diaspora maintain their tax status in India, a lot of people use a family member’s account because of the cumbersome process, and Aspora wants to simplify this. Apart from banking, the company also plans to launch a product that would help NRIs take care of their parents back home by offering regular medical checkups, emergency care coverage, and concierge services for other assistance. Besides global competitors like Remittly and Wise, the company also has India-based rivals like Abound, which was spun off from Times Internet. Sequoia’s Luciana Lixandru is confident that Aspora’s execution speed and verticalized solution will give it an edge. “Speed of execution, for me, is one of the main indicators in the early days of the future success of a company,” she told TechCrunch over a call. “Aspora moves fast, but it is also very deliberate in building corridor by corridor, which is very important in financial services.”

Outdated coding practices and memory-unsafe languages like C are putting software, including cryptographic libraries, at risk. Fortunately, memory-safe languages like Rust, along with formal verification tools, are now mature enough to be used at scale, helping prevent issues like crashes, data corruption, flawed implementation, and side-channel attacks. To address these vulnerabilities and improve memory safety, we’re rewriting SymCrypt (opens in new tab)—Microsoft’s open-source cryptographic library—in Rust. We’re also incorporating formal verification methods. SymCrypt is used in Windows, Azure Linux, Xbox, and other platforms. Currently, SymCrypt is primarily written in cross-platform C, with limited use of hardware-specific optimizations through intrinsics (compiler-provided low-level functions) and assembly language (direct processor instructions). It provides a wide range of algorithms, including AES-GCM, SHA, ECDSA, and the more recent post-quantum algorithms ML-KEM and ML-DSA.  Formal verification will confirm that implementations behave as intended and don’t deviate from algorithm specifications, critical for preventing attacks. We’ll also analyze compiled code to detect side-channel leaks caused by timing or hardware-level behavior. Proving Rust program properties with Aeneas Program verification is the process of proving that a piece of code will always satisfy a given property, no matter the input. Rust’s type system profoundly improves the prospects for program verification by providing strong ownership guarantees, by construction, using a discipline known as “aliasing xor mutability”. For example, reasoning about C code often requires proving that two non-const pointers are live and non-overlapping, a property that can depend on external client code. In contrast, Rust’s type system guarantees this property for any two mutably borrowed references. As a result, new tools have emerged specifically for verifying Rust code. We chose Aeneas (opens in new tab) because it helps provide a clean separation between code and proofs. Developed by Microsoft Azure Research in partnership with Inria, the French National Institute for Research in Digital Science and Technology, Aeneas connects to proof assistants like Lean (opens in new tab), allowing us to draw on a large body of mathematical proofs—especially valuable given the mathematical nature of cryptographic algorithms—and benefit from Lean’s active user community. Compiling Rust to C supports backward compatibility   We recognize that switching to Rust isn’t feasible for all use cases, so we’ll continue to support, extend, and certify C-based APIs as long as users need them. Users won’t see any changes, as Rust runs underneath the existing C APIs. Some users compile our C code directly and may rely on specific toolchains or compiler features that complicate the adoption of Rust code. To address this, we will use Eurydice (opens in new tab), a Rust-to-C compiler developed by Microsoft Azure Research, to replace handwritten C code with C generated from formally verified Rust. Eurydice (opens in new tab) compiles directly from Rust’s MIR intermediate language, and the resulting C code will be checked into the SymCrypt repository alongside the original Rust source code. As more users adopt Rust, we’ll continue supporting this compilation path for those who build SymCrypt from source code but aren’t ready to use the Rust compiler. In the long term, we hope to transition users to either use precompiled SymCrypt binaries (via C or Rust APIs), or compile from source code in Rust, at which point the Rust-to-C compilation path will no longer be needed. Microsoft research podcast Ideas: AI and democracy with Madeleine Daepp and Robert Osazuwa Ness As the “biggest election year in history” comes to an end, researchers Madeleine Daepp and Robert Osazuwa Ness and Democracy Forward GM Ginny Badanes discuss AI’s impact on democracy, including the tech’s use in Taiwan and India. Listen now Opens in a new tab Timing analysis with Revizor  Even software that has been verified for functional correctness can remain vulnerable to low-level security threats, such as side channels caused by timing leaks or speculative execution. These threats operate at the hardware level and can leak private information, such as memory load addresses, branch targets, or division operands, even when the source code is provably correct.  To address this, we’re extending Revizor (opens in new tab), a tool developed by Microsoft Azure Research, to more effectively analyze SymCrypt binaries. Revizor models microarchitectural leakage and uses fuzzing techniques to systematically uncover instructions that may expose private information through known hardware-level effects.   Earlier cryptographic libraries relied on constant-time programming to avoid operations on secret data. However, recent research has shown that this alone is insufficient with today’s CPUs, where every new optimization may open a new side channel.  By analyzing binary code for specific compilers and platforms, our extended Revizor tool enables deeper scrutiny of vulnerabilities that aren’t visible in the source code. Verified Rust implementations begin with ML-KEM This long-term effort is in alignment with the Microsoft Secure Future Initiative and brings together experts across Microsoft, building on decades of Microsoft Research investment in program verification and security tooling. A preliminary version of ML-KEM in Rust is now available on the preview feature/verifiedcrypto (opens in new tab) branch of the SymCrypt repository. We encourage users to try the Rust build and share feedback (opens in new tab). Looking ahead, we plan to support direct use of the same cryptographic library in Rust without requiring C bindings.  Over the coming months, we plan to rewrite, verify, and ship several algorithms in Rust as part of SymCrypt. As our investment in Rust deepens, we expect to gain new insights into how to best leverage the language for high-assurance cryptographic implementations with low-level optimizations.  As performance is key to scalability and sustainability, we’re holding new implementations to a high bar using our benchmarking tools to match or exceed existing systems. Looking forward  This is a pivotal moment for high-assurance software. Microsoft’s investment in Rust and formal verification presents a rare opportunity to advance one of our key libraries. We’re excited to scale this work and ultimately deliver an industrial-grade, Rust-based, FIPS-certified cryptographic library. Opens in a new tab

IBM Plans Large-Scale Fault-Tolerant Quantum Computer by 2029 By John P. Mello Jr. June 11, 2025 5:00 AM PT IBM unveiled its plan to build IBM Quantum Starling, shown in this rendering. Starling is expected to be the first large-scale, fault-tolerant quantum system. (Image Credit: IBM) ADVERTISEMENT Enterprise IT Lead Generation Services Fuel Your Pipeline. Close More Deals. Our full-service marketing programs deliver sales-ready leads. 100% Satisfaction Guarantee! Learn more. IBM revealed Tuesday its roadmap for bringing a large-scale, fault-tolerant quantum computer, IBM Quantum Starling, online by 2029, which is significantly earlier than many technologists thought possible. The company predicts that when its new Starling computer is up and running, it will be capable of performing 20,000 times more operations than today’s quantum computers — a computational state so vast it would require the memory of more than a quindecillion (10⁴⁸) of the world’s most powerful supercomputers to represent. “IBM is charting the next frontier in quantum computing,” Big Blue CEO Arvind Krishna said in a statement. “Our expertise across mathematics, physics, and engineering is paving the way for a large-scale, fault-tolerant quantum computer — one that will solve real-world challenges and unlock immense possibilities for business.” IBM’s plan to deliver a fault-tolerant quantum system by 2029 is ambitious but not implausible, especially given the rapid pace of its quantum roadmap and past milestones, observed Ensar Seker, CISO at SOCRadar, a threat intelligence company in Newark, Del. “They’ve consistently met or exceeded their qubit scaling goals, and their emphasis on modularity and error correction indicates they’re tackling the right challenges,” he told TechNewsWorld. “However, moving from thousands to millions of physical qubits with sufficient fidelity remains a steep climb.” A qubit is the fundamental unit of information in quantum computing, capable of representing a zero, a one, or both simultaneously due to quantum superposition. In practice, fault-tolerant quantum computers use clusters of physical qubits working together to form a logical qubit — a more stable unit designed to store quantum information and correct errors in real time. Realistic Roadmap Luke Yang, an equity analyst with Morningstar Research Services in Chicago, believes IBM’s roadmap is realistic. “The exact scale and error correction performance might still change between now and 2029, but overall, the goal is reasonable,” he told TechNewsWorld. “Given its reliability and professionalism, IBM’s bold claim should be taken seriously,” said Enrique Solano, co-CEO and co-founder of Kipu Quantum, a quantum algorithm company with offices in Berlin and Karlsruhe, Germany. “Of course, it may also fail, especially when considering the unpredictability of hardware complexities involved,” he told TechNewsWorld, “but companies like IBM exist for such challenges, and we should all be positively impressed by its current achievements and promised technological roadmap.” Tim Hollebeek, vice president of industry standards at DigiCert, a global digital security company, added: “IBM is a leader in this area, and not normally a company that hypes their news. This is a fast-moving industry, and success is certainly possible.” “IBM is attempting to do something that no one has ever done before and will almost certainly run into challenges,” he told TechNewsWorld, “but at this point, it is largely an engineering scaling exercise, not a research project.” “IBM has demonstrated consistent progress, has committed $30 billion over five years to quantum computing, and the timeline is within the realm of technical feasibility,” noted John Young, COO of Quantum eMotion, a developer of quantum random number generator technology, in Saint-Laurent, Quebec, Canada. “That said,” he told TechNewsWorld, “fault-tolerant in a practical, industrial sense is a very high bar.” Solving the Quantum Error Correction Puzzle To make a quantum computer fault-tolerant, errors need to be corrected so large workloads can be run without faults. In a quantum computer, errors are reduced by clustering physical qubits to form logical qubits, which have lower error rates than the underlying physical qubits. “Error correction is a challenge,” Young said. “Logical qubits require thousands of physical qubits to function reliably. That’s a massive scaling issue.” IBM explained in its announcement that creating increasing numbers of logical qubits capable of executing quantum circuits with as few physical qubits as possible is critical to quantum computing at scale. Until today, a clear path to building such a fault-tolerant system without unrealistic engineering overhead has not been published. Alternative and previous gold-standard, error-correcting codes present fundamental engineering challenges, IBM continued. To scale, they would require an unfeasible number of physical qubits to create enough logical qubits to perform complex operations — necessitating impractical amounts of infrastructure and control electronics. This renders them unlikely to be implemented beyond small-scale experiments and devices. In two research papers released with its roadmap, IBM detailed how it will overcome the challenges of building the large-scale, fault-tolerant architecture needed for a quantum computer. One paper outlines the use of quantum low-density parity check (qLDPC) codes to reduce physical qubit overhead. The other describes methods for decoding errors in real time using conventional computing. According to IBM, a practical fault-tolerant quantum architecture must: Suppress enough errors for useful algorithms to succeed Prepare and measure logical qubits during computation Apply universal instructions to logical qubits Decode measurements from logical qubits in real time and guide subsequent operations Scale modularly across hundreds or thousands of logical qubits Be efficient enough to run meaningful algorithms using realistic energy and infrastructure resources Aside from the technological challenges that quantum computer makers are facing, there may also be some market challenges. “Locating suitable use cases for quantum computers could be the biggest challenge,” Morningstar’s Yang maintained. “Only certain computing workloads, such as random circuit sampling [RCS], can fully unleash the computing power of quantum computers and show their advantage over the traditional supercomputers we have now,” he said. “However, workloads like RCS are not very commercially useful, and we believe commercial relevance is one of the key factors that determine the total market size for quantum computers.” Q-Day Approaching Faster Than Expected For years now, organizations have been told they need to prepare for “Q-Day” — the day a quantum computer will be able to crack all the encryption they use to keep their data secure. This IBM announcement suggests the window for action to protect data may be closing faster than many anticipated. “This absolutely adds urgency and credibility to the security expert guidance on post-quantum encryption being factored into their planning now,” said Dave Krauthamer, field CTO of QuSecure, maker of quantum-safe security solutions, in San Mateo, Calif. “IBM’s move to create a large-scale fault-tolerant quantum computer by 2029 is indicative of the timeline collapsing,” he told TechNewsWorld. “A fault-tolerant quantum computer of this magnitude could be well on the path to crack asymmetric ciphers sooner than anyone thinks.” “Security leaders need to take everything connected to post-quantum encryption as a serious measure and work it into their security plans now — not later,” he said. Roger Grimes, a defense evangelist with KnowBe4, a security awareness training provider in Clearwater, Fla., pointed out that IBM is just the latest in a surge of quantum companies announcing quickly forthcoming computational breakthroughs within a few years. “It leads to the question of whether the U.S. government’s original PQC [post-quantum cryptography] preparation date of 2030 is still a safe date,” he told TechNewsWorld. “It’s starting to feel a lot more risky for any company to wait until 2030 to be prepared against quantum attacks. It also flies in the face of the latest cybersecurity EO [Executive Order] that relaxed PQC preparation rules as compared to Biden’s last EO PQC standard order, which told U.S. agencies to transition to PQC ASAP.” “Most US companies are doing zero to prepare for Q-Day attacks,” he declared. “The latest executive order seems to tell U.S. agencies — and indirectly, all U.S. businesses — that they have more time to prepare. It’s going to cause even more agencies and businesses to be less prepared during a time when it seems multiple quantum computing companies are making significant progress.” “It definitely feels that something is going to give soon,” he said, “and if I were a betting man, and I am, I would bet that most U.S. companies are going to be unprepared for Q-Day on the day Q-Day becomes a reality.” John P. Mello Jr. has been an ECT News Network reporter since 2003. His areas of focus include cybersecurity, IT issues, privacy, e-commerce, social media, artificial intelligence, big data and consumer electronics. He has written and edited for numerous publications, including the Boston Business Journal, the Boston Phoenix, Megapixel.Net and Government Security News. Email John. Leave a Comment Click here to cancel reply. Please sign in to post or reply to a comment. New users create a free account. Related Stories More by John P. Mello Jr. view all More in Emerging Tech