CoinDCX, the premier cryptocurrency exchange in India, has unveiled the Crypto Investors Protection Fund (CIPF) with an inaugural capital infusion of $595,000 (₹50 Crore). This initiative promises to provide an unparalleled safeguard for investors, particularly against infrequent yet significant threats such as security breaches.

Sumit Gupta, Co-Founder of CoinDCX, underscored the platform’s unwavering dedication to user security. “Ensuring the security of our users is paramount. We allocate substantial resources to implement top-tier security protocols and adhere to rigorous measures to safeguard our customers’ assets consistently,” Gupta asserted. He elaborated on the meticulous distribution of the company’s assets across multiple vaults to fortify protection.

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The CIPF is designed to indemnify users in the unlikely event of a major security breach. Gupta elaborated, “In the exceedingly rare occurrence of a security compromise or an adverse incident, this dedicated fund will offer an extra layer of protection, ensuring our customers’ assets remain safeguarded. We are committed to allocating 2% of our brokerage income to the fund and expanding the pool size progressively.”

As India’s pioneering Financial Intelligence Unit (FIU) registered exchange, CoinDCX sets a benchmark in security protocols. The platform boasts ISO 27001:2022 certification and utilizes avant-garde technologies such as multi-party computation (MPC) and two-factor authentication (2FA).

Frequent security audits and adherence to stringent regulatory standards ensure the highest level of safety for users.

The launch of the CIPF signifies a pivotal advancement in bolstering investor protection and fostering trust within the Indian crypto market. By setting new standards for security, CoinDCX reaffirms its leadership in the cryptocurrency sector, showcasing an unyielding commitment to user safety and confidence.

In recent developments, Justin Sun announced a $1 billion crypto fund aimed at countering market FUD and dispelling rumors of his liquidation, emphasizing his firm’s avoidance of leverage and focus on staking and liquidity. This announcement follows the recent WazirX hack, highlighting the urgent need for robust security measures in the crypto industry.