Wed, May 22, 2024

Indian Exchange CoinDCX and New Opportunities

India and crypto

Crypto companies continue to expand their services to attract new customers. Hopefully, Indian exchange CoinDCX is not an exception. Moreover, crypto owners should take into account that all cryptocurrencies on CoinDCX will be secured in omnibus and segregated hot and cold wallets with two-factor authentication for all accounts.

Furthermore, a fraction of funds traded on the CoinDCX exchange will be protected by BitGo’s $100 million insurance policy.

Interestingly, a U.S.-based cryptocurrency custodian already provides custody services to crypto exchanges such as Bitstamp and LGO Markets among others. Additionally, in February, BitGo established two separate crypto custodians in Germany as well as Switzerland. Also, in March, BitGo launched its first international crypto lending service.

CoinDCX and BitGoBitGo and Indian exchange CoinDCX

As a reminder, India’s Supreme Court overturned a ban on banks’ services to crypto-related firms. Importantly, thanks to this decision, it will be easier to attract investors. Moreover,
CoinDCX secured foreign investments from Polychain Capital as well as Bain Capital Ventures and BitMex operator HDR Global Trading.

Also, in the first quarter of 2020 trading volumes on CoinDCX increased by 47%. Hopefully, CoinDCX is the only exchange that benefited from the revival of the industry. For example, veteran crypto exchange WazirX reported a month-on-month growth of more than 80% in March and April.

BitGo will provide its services to exchange CoinDCX. Consequently, the cryptocurrency custodian will offer secure storage and partial insurance for assets traded on the platform.

According to the information, Indian exchange CoinDCX already started to transfer its assets to BitGo’s wallets.

Interestingly, the firm claims that it handles more than 20% of all Bitcoin transactions. Also, BitGo provides an insurance policy covering up to $100 million in value through a syndicate of insurers. The Crypto industry in India as well as around the world has the potential to tackle issues connected with fiat currencies.

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