CoinDCX, India’s largest crypto exchange, is proud to announce the establishment of the Crypto Investors Protection Fund (CIPF). This fund is designed to compensate users for losses incurred in extremely rare scenarios such as security breaches or other adverse events. With an initial allocation of INR 50 crore, this fund underscores CoinDCX’s commitment to upholding trust within the crypto ecosystem. A governance framework for the credit and utilization of the CIPF has been set up to ensure effective management and transparency.
Sumit Gupta, Co-Founder of CoinDCX, said, “At CoinDCX, security is our top priority. We invest heavily in top notch security practices and follow robust security measures to ensure our customers’ assets are protected at all times. The assets under management at CoinDCX are diversified across multiple vaults ensuring an added layer of security.”
Commenting on the motivation behind setting the CIPF Sumit further added, “In an extremely rare event of a security breach or an adverse event, this dedicated fund will provide an additional layer of protection, ensuring that our customers’ assets remain secure and intact. We commit to adding 2% of brokerage income to the corpus and increasing the pool size over time. We will continue to monitor the fund’s size, maintaining the balance at a level adequate to safeguard our users’ assets. The CIPF will be one of its kind and a significant step towards building long-term trust in the Indian crypto ecosystem.”
CoinDCX, the first FIU registered Exchange, has best-in industry security measures and is ISO 27001:2022 certified. The Exchange takes information security seriously, implementing industry-leading security measures, including multi-party computation (MPC), two-factor authentication (2FA), and other advanced encryptions. The Company adheres to all regulatory standards and guidelines,conducts regular security audits and compliance checks to meet safety and security. CoinDCX’s robust security framework is key to protecting and maintaining the integrity of users’ assets on its platform.
About CoinDCX
Established in 2018, CoinDCX is the largest crypto exchange in India, trusted by over 15 million registered users. Our mission is simple: to provide easy access to Web3 experiences and democratize investments in virtual digital assets. We prioritize user safety and security, strictly adhering to KYC and AML guidelines.
CoinDCX’s Web3 arm Okto Chain is leveling up chain abstraction by building a fully expressive orchestration layer.
Through CoinDCX Ventures, we have invested in over 15 innovative Web3 projects, reinforcing our dedication to the Web3 ecosystem. Our flagship educational initiative, #NamasteWeb3 empowers Indians with crypto knowledge, preparing them for the future of virtual digital assets. CoinDCX’s vision and potential have gained 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 the decentralized future of Web3 with an unwavering commitment to safety, simplicity, and compliance.