CoinDCX, the largest Indian Crypto-Currency exchange platform which is mostly used as a crypto to the crypto trading platform recently announced its association with BitGo, the leading digital asset storage company of California.
Now on, BitGo will provide its services to the Indian Exchange CoinDCX. It will be offering more secure storage and partial insurance for the assets traded on the Indian Crypto-Exchange platform. Moreover, a fraction of funds traded on CoinDCX or cryptocurrencies held would be protected by BitGo’s $100 million insurance policy.
Pete 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 while investing in cryptocurrencies.”
Thoughts of CoinDCX CEO on BitGo being the Custodian for CoinDCX
Few days ago, Sumit Gupta, the co-founder and CEO of CoinDCX shared his thoughts on a social media platform. He wrote, “At the rise of unprecedented growth in cryptocurrency use in India, it is of utmost importance to provide crypto users with the highest level of security measures to protect their funds.”
He feels that BitGo is the most trustworthy, secure and established custodian for digital assets of the present. In addition, its customer base spans over more than FIFTY Countries. It supports more than 250 coins and tokens as well as processes 20% of the global on-chain Bitcoin transactions.
Though CoinDCX has successfully maintained a simple and safe environment till now for everyone but now they are in a better position and can provide their users with greater accountability.
“With the custodial services of BitGo, we want to make cryptocurrency utilization in India, safe and secure. This has further accelerated our efforts of #TryCrypto initiative which aims to bring the next 50 million Indians to crypto.”, Sumit Gupta added.
CoinDCX’s Success Story
CoinDCX announced a 47% growth in trading volumes in Q1 of 2020. Moreover, a hundred and fifty percent of growth in daily users was witnessed after the Reserve Bank of India lifted the bank ban.
However, hearing the news of its association with BitGo on the Exchange Platform’s second anniversary was definitely a cherry on top.