Indian cryptocurrency exchange CoinDCX has launched the world's first decentralized asset storage solution. According to the company, its nearly 15 million users will now be able to retain control over their funds without moving them outside the platform.
As a rule, the assets of crypto exchange clients are stored in "hot" and "cold" wallets, which are often vulnerable to hacker attacks. In this regard, a special blockchain wallet has been created for CoinDCX users, located outside the platform's infrastructure. According to the developers, this reduces the risk of theft of funds.
The new solution will use widely accepted security standards such as two-factor authentication and complex computing that act as a “two-key safe where both user and platform authorization are required to access assets.”
Our multi-layered security system reduces the risk of unauthorized access, ensuring maximum protection of user funds, said CoinDCX co-founder Sumit Gupta.
The crypto exchange's decision to independently store clients' assets is related to the situation around WazirX, which, as a result of an exploit lost $235 million. Almost 16 million users of the platform still cannot access their funds.
