A recent survey has shown that security is the main factor for cryptocurrency investors in India. Platforms need to address users' concerns.
Key Findings from the Crypto Safety Survey
The survey conducted by CoinSwitch revealed that nearly one-third (33.9%) of investors who feel negative or uncertain about cryptocurrency cite security risks as their primary concern. While more than 60% of respondents feel positive about cryptocurrency, only 8.2% trust 'secure platforms'.
Necessary Safety Features for Crypto Platforms
According to the survey results, the most important characteristic for increasing trust in crypto platforms is a recovery program in case of a hack (25.8%). Additionally, platforms should provide audited proof of reserves, use advanced security protocols, and have a risk management strategy to minimize risks.
Importance of Security for Crypto Investors
Against the backdrop of recent cyberattacks on leading Indian crypto exchanges, which led to millions of dollars in losses, security issues have become vital for Indian investors. Choosing a platform that meets modern security requirements is essential for protecting investments in a volatile market.
According to the survey data, security and trust in platforms have become the main priorities for cryptocurrency investors in India. This underscores the necessity for platforms to provide reliable protective measures.
