By Abhijeet
- India’s First Homegrown Crypto Custody Solution: Bharat Custody, a third-party custody service for Indian exchanges and VDA companies, will ensure localized storage of crypto assets, catering to 3 crore Indian investors.
- Independent and Transparent Governance: Will operate with independent oversight, public reporting, and a dedicated consumer protection fund.
- Global-Standard Security and Compliance: To feature cutting-edge encryption, air-gapped infrastructure, and AI-driven fraud detection.
Bengaluru, December 3, 2024: CoinDCX, India’s largest crypto exchange, proudly announces Bharat Custody, a secure, state-of-the-art virtual digital asset (VDA) protection solution designed for the Indian crypto ecosystem. Bharat Custody will function as a third-party custody service for Indian exchanges and VDA companies, providing a fully Indianized solution to safeguard crypto assets within the country. Announced at Unfold 2024, CoinDCX’s premier Web3 event, this homegrown initiative aims to build trust among Indian investors by prioritizing security and aligning with local compliance standards.
Sumit Gupta, Co-Founder of CoinDCX, stated, “The need for a secure, safety-first, and uniquely Indian crypto custody solution has never been more pressing. With over 3 crore investors already engaged in India’s crypto ecosystem—a number that continues to grow—there is a clear and urgent demand for a solution that builds trust and confidence at scale. Bharat Custody is designed to serve the entire industry, supporting all crypto exchanges and VDA companies, not just CoinDCX. Currently, no localized custody solution exists in the Indian market, creating a critical gap that the industry must address collaboratively.
Inspired by the role of the National Securities Depository Limited in capital markets, Bharat Custody will be fully managed and hosted in India. It aims to empower Indian crypto investors and support exchanges by offering localized asset security and independent governance. This initiative is a significant step toward driving India’s transformation into the Web3 capital of the world.”
The company has set aside Rs 50 Crore towards R&D and envisions to launch the custody solution in first half of 2025.
Bharat Custody is designed with independent governance, ensuring its operations are entirely dedicated to customer protection. The solution incorporates state-of-the-art security measures, including air-gapped architecture, advanced encryption protocols, and AI-powered fraud detection systems. All assets are stored and managed entirely within India, adhering to stringent data localization and protection standards.
The initiative also includes a consumer protection fund, a self-imposed regulatory framework modeled on best practices from capital markets, and a commitment to full transparency through periodic public reporting. These measures are designed to inspire trust and confidence among investors and regulators alike.
Sumit Gupta added, “India’s crypto journey has always been about innovation, resilience, and trust. With Bharat Custody, we are taking a giant leap toward strengthening the crypto ecosystem and ensuring the safety and integrity of Indian investors’ assets. This solution is more than just infrastructure—it’s a testament to our commitment to building a robust, self-regulated framework that aligns with the expectations of regulators and the aspirations of millions of Indian crypto enthusiasts.”
CoinDCX’s Bharat Custody is poised to redefine the standards of safety and trust in the Indian crypto market, creating a future-ready ecosystem that ensures the seamless integration of innovation, compliance, and customer-centricity.
About CoinDCX
Established in 2018, CoinDCX is the largest crypto exchange in India, trusted by over 15 million registered users. Our mission is simple: to provide easy access to Web3 experiences and democratize investments in virtual digital assets. We prioritize user safety and security, strictly adhering to KYC and AML guidelines.
CoinDCX’s Web3 arm Okto Chain is leveling up chain abstraction by building a fully expressive orchestration layer.
Through CoinDCX Ventures, we have invested in over 15 innovative Web3 projects, reinforcing our dedication to the Web3 ecosystem. Our flagship educational initiative, #NamasteWeb3 empowers Indians with crypto knowledge, preparing them for the future of virtual digital assets. CoinDCX’s vision and potential have gained the confidence of global investors, including Pantera, Steadview Capital, Kingsway, Polychain Capital, B Capital Group, Bain Capital Ventures, Cadenza, Draper Dragon, Republic, Kindred and Coinbase Ventures.
At CoinDCX, we are leading India towards the decentralized future of Web3 with an unwavering commitment to safety, simplicity, and compliance.
For more information please contact:
Sharjil Shaikh Disha Guha
Director- Media Account Manager
9920231055 8388820313
