Bengaluru, October 30, 2024 – CoinDCX, India’s largest crypto exchange, is proud to announce the integration of decentralized custody inside the CoinDCX App. This feature allows users to move their holdings from CoinDCX’s custody to a decentralized wallet, meaning their assets will be stored directly on the blockchain. This empowers its 15 million users with greater control over their crypto assets, offering enhanced security and transparency. At the same time, users retain full access to the platform’s core features. This sets a new standard in asset management security in the Indian crypto landscape. At a time when security, compliance, and ease of use are paramount, the decentralized custody feature provides a more streamlined alternative to traditional self-custody wallets, which often require users to manage complex seed phrases and private keys. CoinDCX’s Web3 Mode eliminates these barriers, replacing seed phrases with advanced security layers such as two-factor authentication (2FA) and multi-party computation (MPC), making decentralized custody more secure and accessible to the broader crypto community.
It also gives users the opportunity to easily transition between decentralized and centralized systems. Users can seamlessly transfer their assets back to the CoinDCX exchange for trading or liquidation at any time, offering flexibility that traditional self-custody wallets lack.
Sumit Gupta, Co-Founder, CoinDCX, said, "Decentralized custody on the Web3 Wallet works like a dual-key bank locker, where both user and platform authorization are needed to access assets. This multi-layered security reduces the risk of unauthorized access, ensuring maximum protection for users. As the first exchange in India to offer this feature to 15 million users, we continue to uphold the highest security standards while adhering to Indian regulations. With decentralized custody, users can confidently engage with the growing world of DeFi, knowing their assets are both secure and compliant."
Key Highlights:
CoinDCX is an FIU-registered entity and is committed to following the law of the land and at the same time offering innovative solutions to its customers. While the Decentralised custody offering sets a new standard in asset management security, CoinDCX has taken a conservative approach to crypto withdrawals, ensuring that user assets remain protected from malicious actors while fully adhering to Indian regulations. By restricting external withdrawals, CoinDCX ensures the safety of its fiat systems and user INR funds, mitigating the risks associated with unrestricted crypto withdrawals.
CoinDCX remains committed to upholding the highest standards of security and transparency for its users. As the industry advances, CoinDCX is focused on maintaining its leadership position by consistently raising the bar in user protection, security, and trust.
For more information, please contact:
CoinDCX
Sharjil Shaikh
Director - Media Relations
+91 9920231055
Veritas Reputation PR
Disha Guha
Account Manager
+91 8388820313
disha.guha@veritasreputain.com