Mudrex, an Indian crypto-asset management platform, intends to make cryptocurrency investing more accessible. It also raised $2.5 million in a seed round headed by Nexus Venture Partners. In India, the venture capital firm has a slew of investments, including Zomato, Unacademy, OLX, and many others.
Village Global, Kunal Shah, co-founder of CRED, seasoned investor Anand Chandrashekharan, and Anjali Bansal, founder of Avaana Capital, are among the other investors. Y Combinator, Better Capital, Woodstock Fund, and angel investors such as Antler founder Nitin Sharma and Shaadi.com CEO Anupam Mittal have already invested $750,000 in the startup.
Mudrex claims to be a crypto-based asset management firm that offers mutual fund and exchange-traded fund ETF-like products. These funds invest in a variety of crypto-assets, including Bitcoin, Ethereum, and even stablecoins, rather than traditional stocks.
The idea is to facilitate long-term wealth building for investors while also providing a more basic approach to the crypto-curious in the face of volatility. “We [Mudrex] will achieve this through expanding our user community, providing superior tools to advanced portfolio managers, debunking myths about crypto trading as well as new product introductions like crypto indices, high yield crypto ‘savings account’, building out our mobile apps and more,” said co-founder and chief executive (CEO), Edul Patel.
According to him, the company is growing at a rate of 30% each month and has users across 90 nations.
The new funds will be utilized to expand the company’s personnel and operations, as well as obtain global regulatory compliance and develop unique goods.
The company aspires to bring the sophistication of traditional stock markets to the crypto market, as well as solutions to protect investors in the long run. To stimulate systemic investments, Mudrex is attempting to integrate more easy investment strategies such as mutual funds, index funds, and ETFs.
Due to the uncertainty, panic, and ever-increasing turbulence in the crypto market, investors frequently lose a significant amount of money. Mudrex seeks to overcome these flaws by curating new funds, assigning them a risk vs reward score, and giving end-users more options based on their risk appetite, criteria, and ambitions.
A ‘bundle’ is a product on the marketplace that contains various trading techniques that are optimized to function together. Before being published, each algorithm is double-checked and subjected to stringent risk-management measures to assure its integrity. A customer can simply select one of these packages as a fund and invest $100 or more. Fees are computed based on the total amount invested, and buying many bundles can help diversify your portfolio.
There are currently 25,000 active portfolio managers on the site, with over $1 billion in trading volume. It manages more than $15 million in assets under management (AUM).
Mudrex has connections with the majority of the world’s largest cryptocurrency exchanges, including Binance, OKex, and Coinbase. Furthermore, since Mudrex is no longer an exchange, a user must link their exchange account with Mudrex in order to transfer assets. Professional traders can also create their own bundles and use the platform to earn money.
Mudrex began as a crypto exchange in 2018, and is now attempting to bring asset management as a service in the crypto arena. The RBI’s crackdown on cryptocurrencies, on the other hand, spelled immediate doom for the firm.
Edul Patel, Rohit Goyal, Alankar Saxena, and Prince Arora led a team that was able to weather the storm and pivot into a new idea that might make retail crypto investing much easier. It was accepted into Y Combinator’s accelerator program in January 2019, and by March, it had reached 500 clients.