BitGo, CoinDCX Partner to Provide Insurance, Security

BitGo, a company that “eliminates risk and increases transparency by providing the most secure and compliant custodial and liquidity solutions,” has offered its services over to CoinDCX, an Indian cryptocurrency exchange, according to FinanceMagnates.

BitGo will offer the platform storage and insurance of up to $100 million. The exchange has already been moving its holdings over to BitGo’s wallets.

According to a blog post on the exchange’s website, this collaboration should make CoinDCX “the safest cryptocurrency exchange in India.”

Sumit Gupta, the CEO and co-founder of the exchange, has commented on this:

“At a stage of unprecedented growth in cryptocurrency use in India, it is of utmost importance to provide users with more secure measures to protect users’ funds, including the use of custodial services. As India’s largest and safest cryptocurrency exchange, we are in a position to provide users with greater accountability, and peace of mind when trading on our exchange. With the integration of BitGo as our official custodian, CoinDCX can now focus on providing users with a diverse suite of financial products and services built on trust, safety, and security.”

Recently, BitGo had cut its staff due to the coronavirus pandemic, as InsideBitcoins has previously reported on. It appears the group laid off around 12 percent of the company.