We are extremely happy to share with our readers that BitGo has associated with us as a custodian. With BitGo protection, the users' funds are completely safe with us and makes CoinDCX, one of the safest cryptocurrency exchange in the world.
We at CoinDCX have always given paramount importance to the security of digital assets, cryptocurrencies, and personal information stored within our exchange. Our first and foremost priority is to ensure that all the security protocols are up-to-date and impenetrable. The team is on an ever-constant process to audit and enhance the security measures. We use geographically distributed cold wallets, DDoS protection, regular stress testing measures, and multi-signature authentications to ensure world-class security.
The BitGo association has further elevated the level of security of users' funds on our exchange. The funds will be protected by BitGo’s $100 million USD insurance policy provided by Lloyd’s Insurance syndicates through Lloyd’s market place, including users’ cryptocurrencies held on MultiSignature cold wallets on DCXLend, CoinDCX’s decentralised lending service. This ensures an all round safety to users' funds and makes CoinDCX, the safest cryptocurrency exchange in India. The transfer of assets to BitGo wallets have commenced from May 8th, 2020.
Sumit Gupta, Our CEO and Co-founder thoughts on the association,
“At a stage of unprecedented growth in cryptocurrency use in India, it is of utmost importance to provide users with more secure measures to protect users’ funds, including the use of custodial services. As India’s largest and safest cryptocurrency exchange, we are in a position to provide users with greater accountability, and peace of mind when trading on our exchange. With the integration of BitGo as our official custodian, CoinDCX can now focus on providing users with a diverse suite of financial products and services built on trust, safety, and security.”
Pete Najarian, Chief Revenue Officer of BitGo thoughts on associating with us,
“With the recent uptick in trading volumes on Indian exchanges, the need of the hour is for professionalisation in the form of fund security in the crypto market. We are thrilled to be the official custodian of CoinDCX, to provide their users with added value and assurance when using cryptocurrencies.”
The future of cryptocurrency has gained better prospects after the lifting of an industry-wide banking ban by the Reserve Bank of India. The BitGo association has enabled us to clear all the negative preconceptions about the safety of funds which narrows the mindset of the common public in adopting cryptocurrency wholeheartedly. This has further accelerated our efforts of #TryCrypto, an initiative to drive the mass adoption of crypto assets in India. Our aim is to build a community of 50 Million people and we are fully committed to achieving the same.