BitGo the Leader in the Storage of Digital Assets. BitGo is now providing its custody services to India’s largest cryptocurrency exchange by trading volume, CoinDCX.
Announced Thursday, BitGo began storing cryptocurrencies held by CoinDCX last week with the aim of ensuring the assets are kept “safe and secure.” The custodial services extend to deposits at the exchange’s lending arm, DCXLend.
Custodied funds are protected in the event of an exchange hack or theft by BitGo’s $100 million insurance coverage, the companies said. The policy is provided by a syndicate of insurers within the centuries-old insurance marketplace Lloyd’s of London.
CoinDCX will utilize the custodian’s omnibus, or mixed, and segregated hot and cold wallets with two-factor authentication across all accounts.
BitGo is one of the largest and most established custodians for digital assets and the only qualified custodian purpose-built for digital assets and cryptocurrencies. 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. 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 customer base includes the world’s largest cryptocurrency exchanges and institutional investors and spans more than 50 countries. BitGo supports over 250 coins and tokens and processes over 20% of all global on-chain Bitcoin transactions. One of BitGo’s most significant innovations was perfecting and pioneering multi-signature security in 2013, when exchanges were a handful and most of the world had yet to hear of Bitcoin.
“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 utilization in India, safe and secure,” Sumit Gupta, CEO and co-founder of CoinDCX, said in the announcement.
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“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,” said Pete Najarian, chief revenue officer, BitGo. “As the custodian of CoinDCX, BitGo will provide their users with added value and assurance when investing in cryptocurrencies.”