BitGo to Now Provide Custody For India-Based Crypto Exchange CoinDCX

Digital asset custody provider BitGo announced on Thursday it has been named as the custodian of India-based crypto exchange, CoinDCX. BitGo reported that as the custodian of CoinDCX, it will provide the secure storage and custodianship of cryptocurrencies held on CoinDCX, fully insured and protected by the BitGo $100 million insurance policy. CoinDCX also began transferring assets to BitGo’s wallets last week.  BitGo further explained:

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.”

Speaking about the collaboration, Pete Najarian, Chief Revenue Officer of BitGo, stated:

“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. As the custodian of CoinDCX, BitGo will provide their users with added value and assurance when investing in cryptocurrencies.”

Meanwhile, BitGo has experienced some issues during the COVID-19 pandemic, which included the platform reportedly laying off 12% of its employees. Along with BitGo, blockchain security and analytic companies Chainalysis, CipherTrace, and Elliptic have also laid off staff members. In statements shared with The Block, a BitGo spokesperson revealed:

“BitGo’s evolution to become a digital asset financial services firm for the institutional market has accelerated with two acquisitions in the last quarter. As we move into new markets with new products and services, we are making changes to strengthen the business and reorganize our teams.” 

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