The CIPF aims to enhance long-term trust and security in the Indian crypto ecosystem.
- Robust Security Commitment: While CoinDCX maintains a strong security posture that minimizes the likelihood of security breaches and adverse events, the Crypto Investors Protection Fund (CIPF) is designed to protect customers’ assets should such rare scenarios occur.
- Ongoing Contributions: CoinDCX will contribute 2% of its brokerage income to the fund, with plans for annual reviews and fund size increases over time.
Bengaluru, August 08, 2024: CoinDCX, India’s leading crypto exchange, proudly announces the establishment of the Crypto Investors Protection Fund (CIPF). With an initial allocation of INR 50 crore, the CIPF aims to compensate users for losses incurred in extremely rare cases of security breaches or other adverse events. This initiative highlights CoinDCX’s dedication to fostering trust within the crypto community. A governance framework has been established to ensure the CIPF’s effective management and transparency.
Sumit Gupta, Co-Founder of CoinDCX, stated, “Security is our top priority at CoinDCX. We invest heavily in state-of-the-art security practices and adhere to robust measures to safeguard our customers’ assets. Our assets are diversified across multiple vaults, providing an additional layer of security.”
Gupta added, “The CIPF offers an extra layer of protection in the rare event of a security breach or adverse incident, ensuring our customers’ assets remain secure. We are committed to contributing 2% of our brokerage income to the fund and increasing its size over time. We will monitor the fund’s balance to ensure it remains sufficient to protect our users’ assets. The CIPF is a pioneering initiative that will build long-term trust in the Indian crypto ecosystem.”
CoinDCX, the first FIU-registered exchange, boasts industry-leading security measures and is ISO 27001:2022 certified. The exchange employs multi-party computation (MPC), two-factor authentication (2FA), and advanced encryption techniques. CoinDCX adheres to regulatory standards and conducts regular security audits, and compliance checks to safeguard users’ assets.
About CoinDCX Founded in 2018, CoinDCX is India’s largest crypto exchange, trusted by over 15 million users. Our mission is to provide easy access to Web3 experiences and democratize virtual digital asset investments. We prioritize user safety and security, adhering strictly to KYC and AML guidelines.
Our Web3 arm, Okto Chain, is advancing chain abstraction with a fully expressive orchestration layer. Through CoinDCX Ventures, we have invested in over 15 innovative Web3 projects, reinforcing our dedication to the ecosystem. Our educational initiative, #NamasteWeb3, empowers Indians with crypto knowledge, preparing them for the future of digital assets.
CoinDCX’s vision and potential have earned the confidence of global investors, including Pantera, Steadview Capital, Kingsway, Polychain Capital, B Capital Group, Bain Capital Ventures, Cadenza, Draper Dragon, Republic, Kindred, and Coinbase Ventures.
At CoinDCX, we are leading India towards a decentralized Web3 future with an unwavering commitment to safety, simplicity, and compliance.
