07.08.2024
Mirjan Hipolito
Cryptocurrency and stock expert
07.08.2024

CoinDCX establishes Crypto Investors Protection Fund

CoinDCX establishes Crypto Investors Protection Fund CoinDCX establishes Crypto Investors Protection Fund

CoinDCX, a leading Indian cryptocurrency exchange, launches a $595K Crypto Investors Protection Fund (CIPF) to enhance investor security against rare but significant risks.

By making another step towards safety, CoinDCX has announced the creation of a Crypto Investors Protection Fund (CIPF) with an initial capital of $595,000 (₹50 Crore), as reported by Cointelegraph. The CIPF aims to offer compensation in rare cases of significant security incidents, further reinforcing user confidence in the platform.

The move comes after the recent major hack of WazirX, another big Indian crypto exchange, in which it lost around $234 million.

CoinDCX's Co-Founder, Sumit Gupta, highlighted the exchange's commitment to user safety, stating, "Security is our top priority. We invest heavily in top-notch security practices and follow robust security measures to ensure our clients' assets are protected at all times."

The fund will be maintained by allocating 2% of CoinDCX's brokerage income, ensuring its growth over time. This initiative is part of CoinDCX's broader strategy to set higher standards for security and transparency in the crypto market.

As the cryptocurrency market continues to evolve, the establishment of the CIPF is a significant step towards bolstering investor confidence and ensuring the long-term sustainability of crypto trading in India.

Launched in 2018, CoinDCX is a cryptocurrency exchange based in India. Built with user experience and security in mind, CoinDCX claims to provide near-instant fiat to crypto conversions with zero fees. On CoinDCX, users can have single-point access to a diverse suite of crypto-based financial products and over 300 cryptocurrencies.

See also: Gate.io launches charity initiative in support of Down Syndrome Association

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.