CoinDCX Launches Protection Fund to Protect Indian Crypto Users!
A few days ago we saw that Indian crypto exchange WazirX was hacked. The resulting $235 million hack has raised significant concerns about the future of crypto and exchange security in India. So recently CoinDCX announced that they have launched a protection fund to protect Indian crypto users. CoinDCX is one of the leading cryptocurrency exchanges in India. They recently launched the Crypto Investors Protection Fund as a safeguard to protect Indian crypto users. They have introduced such hedge funds in order to establish a higher safety standard in the Indian crypto market in these volatile and risky markets.
They have even redesigned things like the CIPF so that they can compensate users for losses in extremely rare circumstances. For that they have announced that they will keep an initial allocation of around 50 crore rupees. So that they can deal with "security breaches or other adverse events" within this user's indemnification. For that they have developed and implemented a comprehensive and multi-layered security strategy so that they can protect Indian crypto users. That's why they offer so many nice things to the users and emphasize on security. As security they have implemented measures like two-factor authentication (2FA) as well as multiparty computing facilities as well as industry-leading security rings with advanced encryption to protect assets. It has even promised to contribute 2% of its brokerage income to the CIPF annually, and has decided it plans to review and potentially increase the size of the fund over time. Agency authorities feel that the CIPF will provide additional protection for users in an "extremely rare event" involving a security breach or adverse event.
BitOasis' acquisition of CoinDCX last month
did It has increased its prevalence in recent times. It recently acquired BitOasis, a virtual asset trading platform in the Middle East and North Africa CoinDCX Middle East and North Africa MENA region. It has expanded its reach in the Middle East as one of the highest trading volume platforms for Emirati Dirham. It even marked its first foray into the North African market and the crypto firm's expansion. We know the Indian crypto exchange WazirX hack last July is a big concern for investors in the country. Because incidents like this kind of hacks are showing deep concern about the security issue. Because the $235 million hack of WazirX has raised significant concerns about the future of crypto and exchange security in India.
However, since the recent WazirX hack, the country's authorities are currently discussing the scale of the hack and investor protection, and the Indian government's stance on the matter. They said things like hacking and crypto security are top of mind. The user experience of the KoinBX and WazirX platforms is expected to improve post-acquisition following a commitment to broaden product offerings and increase trading and token range options. However, since the hack of Indian crypto exchange WazirX, security has been a hot topic these days, and many experts believe that Indian digital asset exchanges can probably invest in security infrastructure to protect the Indian digital asset market and community.
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A great CoinDCX Launches Protection Fund to Protect Indian Crypto Users post you have shared.
This is good step for crypto users . Thanks
Finally after the hack event other exchanges are trying to follow some initiatives that are good for the community and it should be helpful in case something goes wrong that we never know.
Such a move will hopefully bode well for crypto consumers in the country.