CoinDCX Partners With BitGo to Ensure All Round Safety of Its Users’ Funds

News / 16.05.2020

Digital asset trust and security company BitGo has announced to offer custodial services to India’s leading crypto exchange CoinDCX, through a recent partnership.

According to the recent announcement, BitGo has started storing digital assets held by CoinDCX crypto exchange. With BitGo’s protection, CoinDCX believes that the users’ funds with them are completely safe and makes the exchange one of the safest crypto trading platforms in the world.

CoinDCX claims that their utmost priority is to ensure that all the security protocols on the exchange are current and impenetrable. The platform uses geographically distributed cold wallets, DDoS protection, regular stress testing measures, and multi-sig authentications to ensure high level security.

According to the announcement, the exchange’s recent association with BitGo has further elevated the level of security of users’ funds on the platform. Through this partnership, funds on CoinDCX will be protected by BitGo’s $100 million insurance policy provided by Lloyd’s Insurance syndicates through Lloyd’s marketplace.

The exchange also noted that BitGo’s custodial services will extend to users’ funds held on multi-sig cold wallets on its decentralized lending arm, DCXLend. CoinDCX claims this will ensure an all round safety to users’ cryptocurrencies and make the platform the safest crypto exchange in India.

Commenting on this partnership, Sumit Gupta, CoinDCX CEO and co-founder, said that, with the integration of BitGo as the exchange’s official custodian, it can now focus on providing users with a diverse suit of financial products and services built on trust, safety, and security.

Pete Najarian, the Chief Revenue Officer of BitGo, also shared his thoughts about their recent partnership with CoinDCX. He said the recent uptick in trading volumes on Indian exchanges has necessitated the need for professionalization in the form of fund security in the crypto market. He added that, they are excited to be the official custodian of CoinDCX to offer their users with added value and assurance.

The future of crypto in India looks brighter after the Supreme Court recently lifted the banking ban by the county’s central bank. Following the news, prominent venture capitalist Tim Draper, announced his plans to invest in Indian crypto start-ups.

CoinDCX claims that the BitGo association has enabled them to clear all the false preconceptions about the safety of funds which narrow the mindset of the common public in adopting crypto wholeheartedly. Per the announcement, the transfer of assets to BitGo wallets has already commenced from May 8, 2020.

Source: Cryptopress.

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Sudarshan M is a long time crypto-enthusiast. Pulled in by bitcoin early on, it did not take long for Sudarshan to divert all of his academic attention from business studies to blockchain by doing his Masters and eventually pursuing his PhD in the subject.