BitGo wins custody mandate for CoinDCX 18 May 2020Mumbai Reporter: Maddie Saghir
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BitGo has been appointed as custodian for CoinDCX, a cryptocurrency exchange and liquidity aggregator. CoinDCX began transferring assets to BitGo’s wallets last week.
With BitGo custody, cryptocurrencies on the CoinDCX exchange will be secured on the omnibus and segregated hot and cold wallets with two-factor authentication for all accounts, according to CoinDCX.
Meanwhile, a fraction of the funds traded on the CoinDCX exchange will be protected by BitGo’s $100 million USD insurance policy, including users’ cryptocurrencies held on DCXLend, CoinDCX’s lending service.
BitGo’s policy coverage will be provided by a syndicate of insurers in the Lloyd’s of London and European marketplace.
Pete Najarian, chief revenue officer, BitGo, commented: “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.”
Sumit Gupta, CEO and co-founder of CoinDCX, said: “With our #TryCrypto initiative, we have seen widespread crypto adoption. CoinDCX has always maintained, crypto adoption should be safe, secure, and simple for everyone.”
Gupta added: “With more users joining on-board, CoinDCX has taken yet another stride in consolidating our position as a trusted and secure brand. With the custodial services of BitGo, we want to make cryptocurrency utilisation in India, safe and secure.”
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