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.
📢Big News for CoinDCX users@BitGo is now the custodian of CoinDCX. CoinDCX users' funds are completely safe and protected by BitGo’s USD 100 million insurance policy. Read more here: https://t.co/xi43KEh8Ed#TryCrypto pic.twitter.com/UZbG6iQkQR — CoinDCX: India's Largest Cryptocurrency Exchange (@CoinDCX) May 14, 2020
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.
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