On October 30, cryptocurrency exchange CoinDCX introduced a decentralized storage solution for 15 million users, allowing them to control their crypto assets in their own wallets. This initiative was a response to the recent cyberattack on WazirX, which led to the loss of over $230 million.
CoinDCX users can now transfer assets from the exchange's storage to a decentralized wallet with complete control over private keys, secured by email authentication. This ensures security, as asset movement is impossible without the user's consent.
CoinDCX claims that the new feature offers a simplified approach to decentralized wallets, eliminating the need to manage complex recovery phrases. Instead, modern security measures such as two-factor authentication and multiparty computation are employed. The solution is based on the Okto ecosystem, designed for blockchain and Web3, and was developed in response to customer requests for security following incidents with other exchanges.