CoinDCX, a top cryptocurrency exchange in India, has introduced the Crypto Investors Protection Fund (CIPF) to boost security for its users. This initiative aims to raise the standard of security across the Indian crypto market.
The CIPF is designed to cover user losses in rare cases of security breaches or other unforeseen events. The fund begins with an initial allocation of 50 crore rupees, equivalent to about $595,800.
Sumit Gupta, CoinDCX co-founder, emphasized the exchange’s commitment to security, noting that they have adopted a robust, multi-layered security approach. This includes state-of-the-art measures like multiparty computation (MPC), two-factor authentication (2FA), and advanced encryption techniques to safeguard user data and assets.
Annually, CoinDCX will allocate 2% of its brokerage income to the CIPF, with the potential to increase the fund over time based on ongoing reviews.
On July 3, CoinDCX also expanded its global footprint by acquiring BitOasis, a major virtual asset trading platform in the Middle East and North Africa (MENA) region. This acquisition marks CoinDCX’s first venture into the MENA market, promising enhanced user experiences and broader product offerings on both platforms.
The recent $235 million hack of Indian crypto exchange WazirX on July 18 has heightened concerns about crypto security in India. In response, Utkarsh Tiwari, chief strategy officer of KoinBX, highlighted the urgency for Indian exchanges to invest more in security infrastructure to protect the digital asset market and its community.
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