A digital asset trust company BitGo has become a custodian for India's largest cryptocurrency exchange called CoinDCX.
According to an official announcement, the exchange's funds will be protected by BitGo’s $100 million USD insurance policy provided by Lloyd’s Insurance syndicates through Lloyd’s market place.
BitGo CRO Pete Najarian says with the recent uptick in trading volumes on Indian exchanges, the need of the hour "is for professionalization in the form of fund security in the crypto market."
"We are thrilled to be the official custodian of CoinDCX, to provide their users with added value and assurance when using cryptocurrencies," Najarian added.
In March, CoinDCX closed its $3 million Series A funding round led by Polychain Capital, Bain Capital Ventures, and HDR Group, operator of BitMEX, with participation from other venture capitalists.
Previously iHodl reported that India's cryptocurrency trading platforms asked the country's central bank, the Reserve Bank of India (RBI), to provide guidelines on how their activities should be taxed.
The request came after the country's Supreme Court lifted the prohibition that banned financial institutions from offering their services to these platforms.
In April, BitGo acquired an institutional-grade financial platform for managing digital assets called Lumina. With the acquisition, the wallet provider also launched two new products called BitGo Portfolio & BitGo Tax.
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