Indian Crypto Investors Get $6M Shield From CoinDCX

The leading cryptocurrency exchange in India, CoinDCX, has introduced the ground-breaking Crypto Investors Protection Fund [CIPF], which is valued at INR 50 crores, or roughly $6.1 million. This move marks a revolutionary move towards investor protection and highlights the platform’s dedication to protecting user funds and building confidence within the Indian cryptocurrency market.

With the CIPF, CoinDCX hopes to raise the bar while putting security first. This fund, it is claimed, provides further protection on top of the conventional precautions the exchange has in place. This fund will be used to pay impacted clients in the unlikely case of an unauthorized breach or hack, protecting their interests.

According to the company, the recently disclosed fund will contribute to the development of security and trust in the quickly expanding Indian market.

However, Indians are very excited about this attractive asset class. India is among the world’s leaders in this area, with over 3 crore investors. CoinDCX hopes to increase community confidence in the ecosystem by introducing the CIPF.

According to the blog post, CoinDCX gives the CIPF 2% of its broking revenue yearly. This proactive stance shows how committed the exchange is to its users. With this project, CoinDCX hopes to boost investor trust and hasten India’s transition into a major global cryptocurrency hub.

Is the cryptocurrency you own secure? “Yes!” is CoinDCX’s response to feedback. The top trading platform claims to be the first FIU-registered exchange in India, with an ISO 27001:2022 certification and the newest security features, such as two-factor authentication (2FA), multi-party computation (MPC), and other cutting-edge encryptions.

CoinDCX Valuation Surges To $2.15B

The announcement follows CoinDCX’s recent valuation increase to $2.15 billion, following a new $135 million capital infusion. The company aims to expand its presence in the Web3 and cryptocurrency space.

Pantera Capital and Steadview spearheaded the Series D investment round. With its headquarters in Mumbai, the firm received fresh funding from several notable investors, including Kindred Ventures, DraperDragon, Kingsway, Coinbase Ventures, and Republic. Over $245 million has been raised on the platform thus far.

CoinDCX’s CEO, Sumit Gupta, highlighted investor optimism in the Indian cryptocurrency market despite regulatory challenges. He mentioned this in a recent interview with a local news source. Gupta emphasized that the successful fundraising round reflects global confidence. However, the company remains focused on navigating domestic regulations effectively.

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