CoinDCX Announces Feature That Will Give Users Access to Control Over Their Crypto Assets

CoinDCX users now have the option to hold their assets directly on the blockchain, eliminating any risk exposure

In centralized custody of assets, the service provider retains full custody of the users.

This comes at a time when cryptocurrency users are worried about the security of their assets, especially after WazirX’s data breach that led to the theft of assets worth approximately $235 Million.

Domestic cryptocurrency exchange CoinDCX has now introduced an integrated decentralized custody feature that will allow its users to gain control over their crypto assets on the blockchain.

Previously, control over users’ assets belonged solely to the service provider under centralized supervision.

CoinDCX’s 15 million users now have the option to hold their assets directly on the blockchain, eliminating any risk exposure.

Inc42 has learned that CoinDCX is the first such platform to launch a decentralized feature for crypto assets in India. This feature comes at a time when cryptocurrency users are worried about the security of their assets, especially after the WazirX data breach. Theft of assets worth approximately $235 million.

Decentralized custody means that assets will be held directly on the blockchain rather than being held by service providers such as CoinDCX.

While a decentralized feature does not mean personal custody where the user has full access to their assets, it does allow both the service provider and the user to access custody located on the blockchain.

It is pertinent to note that in centralized custody, the service provider retains all custody of users’ assets.

CoinDCX users now have the option to hold their assets on CoinDCX or directly on the blockchain. According to information obtained by Inc42 from the company, keeping assets on the blockchain eliminates the risks associated with wallets being hacked.

It was founded in 2018 by Sumit Gupta and Neeraj Khandelwal. CoinDCX It offers access to Web3 experiences and democratizes investments in virtual digital assets with user safety and security.

The Mumbai-based crypto exchange platform has been taking measures to protect users’ assets on its platform for some time now.

Later Cyber ​​attack on crypto exchange platform WazirXCoinDCX in August crypto investor protection fund (CIPF) To compensate users for damages resulting from security breaches or other adverse events.

Gupta, co-founder of CoinDCX, said of the CIPF fund: “…this particular fund will provide an additional layer of protection, ensuring our clients’ assets remain safe and sound.”