India’s leading crypto exchange CoinDCX has announced an initiative aimed at revolutionizing the security and management of virtual digital assets (VDAs) in India.
According to local media reports published on 3 December 2024, the company made the announcement at a Web3 event.
At the Unfold 2024 Web3 event, CoinDCX introduced Bharat Custody, a dedicated crypto custody solution designed to meet the unique needs of the Indian market. Can this enhance investor confidence and align local compliance standards?
Explore: India’s CoinDCX Launches Investors Protection Fund After WazirX Hack
Bharat Custody: An “Indianized” Solution
BREAKING: @smtgpt, co-founder and CEO of @CoinDCX drops a prominent alpha announcement!📣
Launch of Bharat Custody — the first-of-its kind autonomous "Made In India" user and regulator-friendly #crypto initiative!🇮🇳
Seeds of the initiative has been seeded and 50 crores INR… pic.twitter.com/zElhQrIcpw
— TheNewsCrypto (@The_NewsCrypto) December 3, 2024
“With over 3 crore investors already engaged in India’s crypto ecosystem, there is a clear and urgent demand for a solution that builds trust and confidence at scale,” said Sumit Gupta, Co-Founder of CoinDCX.
Through Bharat Custody – a third-party service that will cater to Indian exchanges and VDA companies – CoinDCX aims to fill a critical gap in the market by providing an “Indianized” solution that ensures the safety and security of crypto assets within the country.
The service is designed to support the entire industry, not just CoinDCX, thereby fostering a collaborative approach to addressing security challenges
Furthermore, the company has committed ₹50 crore towards research and development for Bharat Custody.
CoinDCX Plans To Launch Bharat Custody In 2025
The key features of Bharat Custody includes ensuring isolation of sensitive data from unsecured networks, hence reducing the risk of cyberattacks
Bharat Custody is designed with independent governance. All assets under the solution will be stored and managed entirely within India, adhering to stringent data localization and protection standards.
Furthermore, the solution will leverage AI to mitigate potential threats.
The company plans to the launch the service in the first half of 2025.
CoinDCX has also announced the establishment of a consumer protection fund as part of this initiative. The company plans to implement a self-imposed regulatory framework modeled on best practices from capital markets.
Power Moves Made By CoinDCX
Recently, the company acquired the Middle East-based crypto platform BitOasis. The announcement came via a joint statement from the two companies yesterday, 3 July 2024.
BitOasis noted that CoinDCX now owns the full share capital of the Dubai-based exchange. It comes after CoinDCX had previously purchased a minor stake in BitOasis in August 2023. BitOasis confirmed that the leadership team and branding would remain untouched following the deal.
Explore: India’s CoinDCX Acquires Leading Dubai-Based Crypto Exchange For Access To MENA Region – 99Bitcoins
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