CoinDCX Launches Crypto Investors Protection Fund The decision to create the fund comes after fellow competitor WazirX lost USD 230M amid a cyberattack. The move solidifies CoinDCX's commitment to the ecosystem and its users
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Indian cryptocurrency exchange CoinDCX announced the launch of its Crypto Investors Protection Fund (CIPF) worth INR 50 crore. The fund is created to compensate users for losses incurred in extremely rare scenarios like security breaches or other adverse events.
"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," said Sumit Gupta, Co-Founder, CoinDCX.
The decision to create the fund comes after fellow competitor WazirX lost USD 230M amid a cyberattack. The move solidifies CoinDCX's commitment to the ecosystem and its users.
An FIU registered Exchange and ISO 27001:2022 certified, CoinDCX has over 1.5 crore users in the country alone. Recently, it also announced expansion into international markets with the acquisition of BitOasis in MENA region.
