CoinDCX to launch new custody solution Bharat Custody

Crypto exchange CoinDCX on Tuesday said it is developing India’s first homegrown custody solution, Bharat Custody, and has set aside Rs 50 crore for research and development of this product.

According to a company statement, CoinDCX aims to launch the solution—which will feature encryption, infrastructure, and AI-driven fraud detection—in the first half of 2025.

Announced at Unfold 2024—CoinDCX's Web3.0 event—the initiative aims to build trust among Indian investors by prioritising security and aligning with local compliance standards.

Bharat Custody will function as a third-party custody service provider for Indian exchanges and virtual digital asset companies, offering a solution to safeguard assets within the country.

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In a media briefing, Sumit Gupta, Co-founder and CEO of CoinDCX, said the initiative will be independently run and governed by a governing board. He added the initiative will be launched in phases in 2025.

“We are going to have physical sort of spots across geographically distributed in India where operations will happen. And that is going to make it foolproof. We've gotten validated from some of the investors who hold custody probably 10 times bigger than us to review the architecture,” Gupta added.

Bharat Custody will be fully managed and hosted in India, and CoinDCX said it has no plans to expand its operations for entities abroad.

“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,” Gupta said in a statement.