RATE Group | BitGo to Provide Custody Services to Indian Crypto Exchange CoinDCX
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BitGo to Provide Custody Services to Indian Crypto Exchange CoinDCX

14 May BitGo to Provide Custody Services to Indian Crypto Exchange CoinDCX

Posted at 12:40h in Bitcoin News by

Cryptocurrency custodian BitGo will provide its services to Indian exchange CoinDCX, offering secure storage and partial insurance for assets traded on the platform.

BitGo — a United States-based firm that claims to process over 20% of all Bitcoin (BTC) transactions — provides an insurance policy covering up to $100 million in value through a syndicate of Insurers in the Lloyd’s of London and European Marketplace.

CoinDCX apparently already began transferring its assets to BitGo’s wallets last week.

With BitGo Custody, all cryptocurrencies on CoinDCX will be secured in omnibus and segregated hot and cold wallets with two-factor authentication for all accounts. 

A fraction of funds traded on the CoinDCX exchange will be protected by BitGo’s $100 million insurance policy, including user assets held on CoinDCX’s lending service, DCXLend, and cold assets and funds.

In a statement, Pete Najarian, chief revenue officer at BitGo, noted that “with the recent uptick in trading…

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