CoinDCX Unveils Bharat Custody with INR 50 Cr R&D Push Revealed at Unfold 2024, CoinDCX's flagship Web3 event, the initiative aims to address the critical need for a secure, localised third-party custody service for Indian exchanges and VDA companies.
You're reading BIZ Experiences India, an international franchise of BIZ Experiences Media.
Cryptocurrency exchange platform CoinDCX has announced the launch of Bharat Custody, a cutting-edge virtual digital asset (VDA) protection solution tailored for the Indian crypto ecosystem.
Revealed at Unfold 2024, CoinDCX's flagship Web3 event, the initiative aims to address the critical need for a secure, localised third-party custody service for Indian exchanges and VDA companies.
Sumit Gupta, Co-founder of CoinDCX, stated, "The need for a secure, safety-first, and uniquely Indian crypto custody solution has never been more pressing. With over 3 crore investors already engaged in India's crypto ecosystem—a number that continues to grow—there is a clear and urgent demand for a solution that builds trust and confidence at scale."
"Bharat Custody is designed to serve the entire industry, supporting all crypto exchanges and VDA companies, not just CoinDCX. Currently, no localized custody solution exists in the Indian market, creating a critical gap that the industry must address collaboratively," Gupta added.
Modeled on the National Securities Depository Limited, Bharat Custody aims to feature advanced security measures, including air-gapped architecture, encryption protocols, and AI-driven fraud detection. Fully hosted in India, the solution adheres to stringent data localisation standards, offering localised asset security and independent governance.
CoinDCX has set aside INR 50 crore for research and development, with plans to launch the service in the first half of 2025. Bharat Custody also includes a consumer protection fund, self-imposed regulatory frameworks, and public reporting to foster investor confidence and regulatory alignment.
Sumit Gupta added, "This solution is more than just infrastructure—it's a testament to our commitment to building a robust, self-regulated framework that aligns with the expectations of regulators and the aspirations of millions of Indian crypto enthusiasts."
Established in 2018, CoinDCX is trusted by over 15 million users. Beyond trading, the company invests in innovative Web3 projects, educates through initiatives like #NamasteWeb3, and operates a Web3 orchestration layer, Okto Chain.
Backed by global investors, CoinDCX remains at the forefront of India's decentralised future, driving safety, simplicity, and compliance in the crypto space.
