Dominating the crypto news scene in India today was the announcement that Cryptocurrency custodian BitGo will provide its services to Indian exchange CoinDCX, offering secure storage and partial insurance for assets traded on the platform, CoinDCX announced today. US-based BitGo, a firm claiming to process over 20% of all Bitcoin (BTC) transactions, provides an insurance policy covering up to $100 million in value through a syndicate of Insurers in the Lloyd’s of London and European Marketplace.
BitGo began storing cryptocurrencies held by CoinDCX last week, with the aim of ensuring the assets are kept “safe and secure.” The custodial services extend to deposits at the exchange’s lending arm, DCXLend.
Sumit Gupta, CEO and co-founder of CoinDCX, said:
CoinDCX has taken yet another stride in consolidating our position as a trusted and secure brand. With the custodial services of BitGo, we want to make cryptocurrency utilization in India, safe and secure”
Yesterday we got news that Moneygram has teamed up with India Federal Bank to help move money around and today we get news on BitGo providing custody for Indias largest crypto exchange. Back in 2017, Miguel Vias wrote a ripple insights articled titled “BitGo Builds Enterprise Wallet for XRP“. BitGo and Ripple join forces to make it easier for financial institutions and other customers to more securely hold XRP. “It’s a natural fit. Both Ripple and BitGo are committed to making digital assets like XRP more accessible and usable for institutions,” notes Miguel Vias, Head of XRP Markets. “Working with BitGo is an important step to building out the XRP ecosystem that will serve the growing demand for global payments.”
Mike Belshe, CEO of BitGo said:
“We are excited to be working with Ripple to provide enterprise tools and treasury management capabilities to institutions working with XRP” “The Ripple team understands crypto and traditional finance extremely well. They are well positioned to disrupt global settlement via blockchain and we are happy to play our part.”