Key Points
- Patent Office grants CoinDCX patent for crypto wallet security technology filed in April 2023
- System uses cognitive intelligence to protect private keys from cyber threats
- Company claims over 2 crore users and engineering team of 300 professionals
CoinDCX has received a patent from the Government of India for a security system designed to protect cryptocurrency wallet private keys. The Patent Office granted the patent for technology the company calls ‘Secure Management of Crypto Wallet Private Key Using Cognitive Intelligence,’ according to a statement released on Tuesday.
Private keys are secret codes that allow cryptocurrency holders to access and transfer their digital assets. If stolen or compromised, these keys can result in permanent loss of funds with no possibility of recovery. The patented system aims to use cognitive intelligence, a form of artificial intelligence that adapts its responses based on patterns it learns, to defend against evolving cyber threats.
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The company filed the patent application in April 2023. CoinDCX describes itself as India’s largest cryptocurrency exchange by user base.
How the Technology Works
According to CoinDCX, the system introduces adaptive mechanisms for managing private keys rather than relying on static security measures. The technology is designed to respond to emerging risks by learning from threat patterns, the company stated.
Sumit Gupta, co-founder, CoinDCX, said in the statement that security remains foundational to user trust in digital assets. He added that the company has an engineering team of over 300 professionals working on security challenges.
“This patent strengthens our confidence, and we will continue to focus on building solutions that enhance the safety and integrity of digital asset management,” Gupta said.
The patent grant comes as India continues to develop its regulatory approach to cryptocurrency. The government has not introduced comprehensive legislation governing digital assets, though it imposed a 30 per cent tax on cryptocurrency gains and a one per cent tax deducted at source on transactions starting in 2022.
Security breaches at cryptocurrency platforms have resulted in significant losses for users globally. In India, concerns about fraud and theft have made platform security a key consideration for those trading digital assets.
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CoinDCX claims to have over 2 crore registered users. The company expanded internationally in 2024 with the acquisition of Dubai-based exchange BitOasis and entered Bahrain in 2025, according to its statement.
CoinDCX broader operations
CoinDCX was founded in 2018 and has since grown into what the company calls DCX Group, operating multiple entities across India and international markets. The group also runs Okto, a Web3 wallet, which is a digital wallet that allows users to interact with decentralised applications built on blockchain technology. The company claims Okto has 2 crore users globally.
The company’s investors include Pantera, Steadview Capital, Polychain Capital, B Capital Group, Bain Capital Ventures and Coinbase Ventures, among others.
Your Questions, Answered
What patent has CoinDCX received from the Government of India?
CoinDCX has received a patent for a system called ‘Secure Management of Crypto Wallet Private Key Using Cognitive Intelligence.’ The technology is designed to protect the secret codes that allow cryptocurrency holders to access their digital assets.
What are cryptocurrency private keys and why do they need protection?
Private keys are secret codes that allow cryptocurrency holders to access and transfer their digital assets. If stolen or compromised, these keys can result in permanent loss of funds with no possibility of recovery, making their security critical.
When did CoinDCX file the patent application?
CoinDCX filed the patent application in April 2023, according to the company’s statement announcing the grant.
How many users does CoinDCX claim to have?
CoinDCX claims to have over 2 crore registered users on its platform. The company also operates Okto, a Web3 wallet that it says has 2 crore users globally.