The US-based cryptocurrency custodian BitGo has announced to provide its crypto custodial services to CoinDCX India’s largest cryptocurrency exchange in terms of trading volume. BitGo will offer secure storage and partial insurance to the assets of users of the crypto exchange. As per the announcement, the CoinDCX crypto exchange will make use of BitGo’s custodian service to secure all of the digital assets present on the exchange’s platform in ‘omnibus and segregated hot and cold wallets with two-factor authentication for all accounts’.
BitGo is now the Custodian of CoinDCX
Along with other major crypto exchanges, BitGo is now also the crypto custodian of CoinDCX. According to the claim of the company, BitGo processes more than 20% of all the Bitcoin transactions as well as provides a crypto insurance policy that covers up to $100 million in coin value. The BitGo’s $100 million insurance policy will also provide protection to a fraction of crypto assets traded on the exchange’s trading platform. Reportedly, the crypto exchange CoinDCX already started moving its digital assets to the wallets of BitGo last week.
The chief revenue officer at BitGo Pete Najarian said in a statement:
“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 its users with added value and assurance when investing in cryptocurrencies.”
Various Exchanges are utilizing BitGo’s Custodial service
BitGo’s custodial service is not only limited to only one crypto exchange rather various other crypto exchanges are already utilizing the crypto custodial service offered by this crypto custodian. These include the major crypto exchange Bitstamp, LGO Markets, and various other firms.
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The crypto firm also introduced an institutional level crypto lending service in the month of March to accommodate its lending services. BitGo aims to expand its custodial service to other major crypto exchanges as well in the future.
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