CandleFocus CoinDCX unveils decentralized custody solution following WazirX hack
2024-10-30
Author: Content Editor
Indian crypto exchange CoinDCX has launched the world's first decentralized custody solution, allowing users to have direct control over their crypto assets. With this feature, users can retain control over their cryptocurrency holdings without moving the funds off the platform. The new feature reduces the risk of unauthorized access by leveraging security measures such as two-factor authentication and multi-party computation. This move towards self-custody comes after the $235 million WazirX hack, which highlighted the vulnerabilities of centralized custody models. CoinDCX aims to provide maximum protection for users and has also established a Crypto Investors Protection Fund to compensate users in case of a similar situation.
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