#Crypto exchange #CoinDCX has announced that it is working on a third-party custody solution that will be similar to a central depository like #NSDL but for the Indian #Crypto industry.

Announced at the exchange’s flagship event Unfold 2024 in Bengaluru on December 3, the custody solution will be named Bharat Custody and will be launched around March-April 2025, said CoinDCX co-founder Sumit Gupta.

A central depository is a financial market infrastructure that provides safekeeping of securities such as shares and bonds. This comes at a time when rival WazirX is dealing with a $230-million crypto assets hack, wiping off nearly 40 percent of its user assets.

Speaking to the media on the sidelines of the event, Gupta said that he has started reaching out to other Indian crypto ecosystem players as well to work on this as a collaborative effort.

The solution will be fully automated and air gapped with zero connectivity to the internet, have advanced encryption protocols and AI-powered fraud detection systems. And the data would be stored entirely within the country across various locations including Bengaluru. Gupta said CoinDCX had started to work on the solution nearly two months back and has so far invested about Rs 50 crores into it, which he expects to double down on as required.

Follow #A3RT On Twitter @arbindtiwariT

Always "Trust & Trade" With #A3RT