CoinDCX News
The cryptocurrency exchange CoinDCX has been chosen by India’s law enforcement and economic intelligence agency, the Enforcement Directorate, to handle bitcoin that has been confiscated during current investigations.
After working with the Enforcement Directorate and assisting with the seizure process for ED investigations involving cryptocurrency, CoinDCX announced in a press release on March 5 that it will oversee the custody of confiscated assets.
According to CoinDCX co-founder Sumit Gupta, the exchange has established a dedicated staff with cutting edge security measures, such as multi-signature and multi-party computation wallets, for custody management.
The collaboration follows CoinDCX’s creation of an investor protection fund following the $230 million theft on the cryptocurrency exchange WazirX. The investor protection fund, which initially contained close to $6 million from the exchange’s revenues, is intended to reimburse consumers for losses sustained in “very unusual cases such as security breaches.”
As smaller-city investors looked for new revenue streams in the face of sluggish employment growth and wages, crypto.news reported in late February that cryptocurrency trading volumes in India increased to $1.9 billion in Q4 2024, more than tripling from the previous quarter.
The majority of the activity is being driven by retail traders. Smaller towns like Jaipur, Lucknow, and Pune, where people are using cryptocurrency as a source of additional income, made up seven of the top ten cities in 2024 for cryptocurrency adoption.
According to Kush Wadhwa, a partner at consultancy firm Grant Thornton Bharat, India’s cryptocurrency market is expected to reach over $15 billion by 2035, despite hefty taxes and unclear regulations.
Stay Updated With the Latest Tech News
For the latest updates, stay connected with us!
👉 Connect with us on LinkedIn: Latest Tech Update
👉 Follow us on Instagram: Latest Tech Update
👉 Follow us on Twitter: LTU on Twitter
👉 Subscribe to Our Newsletter for the latest tech news and market insights.
Disclaimer:
The information provided on this website is for informational purposes only and may include third-party opinions or sponsored content. We do not offer financial advice. Before engaging with any initiative or individual, please conduct your own research and make decisions responsibly. For more details, review our Terms & Conditions.
