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CoinDCX launches decentralised custody to streamline control and security

By Gloria Mathias

October 30, 2024

  • Coindcx
  • Decentralised Custody
  • Decentralised Finance
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CoinDCX, Trading, Digital Assets, Digital Trading, Digital Wallet, FinTech News, India News, India Fintech News, Stocks, CoinDCX, India’s crypto exchange, has announced an integration of decentralised custody inside the CoinDCX App.

This feature allows users to move their holdings from CoinDCX’s custody to a decentralised wallet, meaning their assets will be stored directly on the blockchain. This empowers its 15 million users with greater control over their crypto assets, offering enhanced security and transparency. At the same time, users retain full access to the platform’s core features.

This sets a new standard in asset management security in the Indian crypto landscape. At a time when security, compliance, and ease of use are paramount, the decentralised custody feature provides a more streamlined alternative to traditional self-custody wallets, which often require users to manage complex seed phrases and private keys.

CoinDCX’s Web3 Mode eliminates these barriers, replacing seed phrases with advanced security layers such as two-factor authentication (2FA) and multi-party computation (MPC), making decentralised custody more secure and accessible to the broader crypto community. It also gives users the opportunity to transition between decentralised and centralised systems easily. Users can seamlessly transfer their assets back to the CoinDCX exchange for trading or liquidation at any time, offering flexibility that traditional self-custody wallets lack.

Sumit Gupta, Co-Founder of CoinDCX, said, “Decentralised custody on the Web3 Wallet works like a dual-key bank locker, where both user and platform authorisation is needed to access assets. This multi-layered security reduces the risk of unauthorised access, ensuring maximum protection for users. As the first exchange in India to offer this feature to 15 million users, we continue to uphold the highest security standards while adhering to Indian regulations. With decentralized custody, users can confidently engage with the growing world of DeFi, knowing their assets are both secure and compliant.”

Key Highlights:

  • Unparalleled Security: The integration of multi-party computation (MPC) ensures no single point of failure, significantly reducing the risk of unauthorised access to users’ crypto holdings.
  • No Seed Phrases: By eliminating the need for seed phrases, CoinDCX simplifies wallet management, making it more user-friendly while retaining robust security features.
  • Compliant with Regulations: In line with Indian regulations, external withdrawals are restricted to maintain a secure and compliant environment, safeguarding both users and the exchange.

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