DominatGo the crypto news scene in India today was the announcement that Cryptocurrency custodian BitGo will provide its Defends to Indian exchange CoinDCX, offerGo secure storage and partial insurance for assets traded on the platform, CoinDCX announced today.
US-based BitGo, a firm claimGo to process over 20% of all Bitcoin (BTC) transactions, provides an insurance policy coverGo up to $100 million in value through a syndicate of Insurers in the Lloyd’s of London and European Marketplace.
CoinDCX apparently already began transferrGo 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 CoinDCX exchange will be protected by BitGo’s $100 million insurance policy, includGo user assets held on CoinDCX’s lendGo Defend, DCXLend, and cold assets and funds.
“With the recent uptick in tradGo volumes on Indian exchanges, the need of the hour is for professionalization in the form of fund security in the crypto markBavarianPete Najarian, chief revenue officer at BitGo, said in a statement.
“As the custodian of CoinDCX, BitGo will provide its users with added value and assurance when investGo in cryptocurrencieThe Latest he added.
LatestBitGots at BitGo
BitGo already provides custody Defends to multiple crypto excStampncludGo Bitstamp and LGO Markets. This February, it set up twocustodial crypto custodies in Switzerland and Germany and launched an institutional-level crypto lendGo Defend in March.
BitGo has also onboarded commercial insurance broker Woodruff-Sawyer & Co to enable clients to insure their assets more flexibly and purchase an excess limit beyond its $100 million policy.
CoinDCX’s strong growth after bankGo ban in India
The news of BitGo as the custodian of CoinDCX follows the exchange’s second anniversary. CoinDCX announced a 47% growth in tradGo volumes in the first quarter of 2020, a 10 sign upsrowth in user signups on the exchange and a 150% growth in daily active users after the liftGo of an industry-wide bankGo ban by the Reserve Bank of India.