Crypto Custodian BitGo To Provide Services To Indian Crypto Exchange CoinDCX
BitGo To Provide Custodian Services To Leading Indian Crypto Exchange CoinDCX
May 14, 2020
Crypto Custodian BitGo To Provide Services To Indian Crypto Exchange CoinDCX
BitGo To Provide Custodian Services To Leading Indian Crypto Exchange CoinDCX
May 14, 2020

Cryptocurrency custodian BitGo will provide service to Indian exchange CoinDCX, offering secure storage and partial insurance for assets traded on the platform.

BitGo claims to process over 20% of all Bitcoin transactions while providing an insurance policy covering up to $100 million in value through a syndicate of Insurers in the Lloyd’s of London and European Marketplace.

Apparently, CoinDCX has already began transferring its assets to BitGo’s wallets last week.

With BitGo Custody, all cryptocurrencies on CoinDCX will be secured in omnibus and segregated hot and cold wallets with two-factor authentication for all accounts. 

A fraction of funds traded on the exchange will be protected by BitGo’s $100 million insurance policy, including user assets held on CoinDCX’s lending service, DCXLend, and cold assets and funds.

ALSO READ :  Securities Regulator Of India Ajay Tyagi Bets On Blockchain Technology

In a statement, Pete Najarian, chief revenue officer at BitGo, noted:

“with the recent uptick in trading volumes on Indian exchanges, the need of the hour is for professionalization in the form of fund security in the crypto market.”


Source: Cointelegraph | Image: Unsplash

Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Jafrin Ahmed

Crypto newbie passionate about creating resourceful content on blockchain technology, cryptocurrencies and decentralized apps.
Share This

Share This

Share this post with your friends!