India Origin Crypto Investment platform -Mudrex

By Srikanth
11 Min Read
India Origin Crypto Investment platform -Mudrex 1

Inspiration behind founding Mudrex and what’s motivated ?

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Initially, we four co-founders (Myself, Alankar Saxena, Prince Arora, Rohit Goyal)  have always been passionate about technology and how it is benefiting people across the globe. When we learnt about Bitcoin and Blockchain for the first time in 2012, we were thrilled. All four of us started to explore and learn about it in groups. We realized that this innovative technology could revolutionize finance for all. After putting in some solid research over the next few years, we started to manage our own investments in crypto and build wealth for ourselves.

However, soon we realized the potential of blockchain and crypto to create a level playing field to build wealth for all investors. That’s when we started ‘Mudrex’, which comes from two words called Mudra and Exchange to make crypto accessible to retailers. We started building Mudrex to aid retail investors and traders who cover a significant portion of the investment world but are often overlooked.

⁠How has your company evolved since its launch in 2018 and Milestones achieved so far?

We started our journey in 2018 aiming to build a crypto exchange for India. However, just two months before our planned launch, the RBI imposed a ban on crypto. In response, we swiftly pivoted and developed infrastructure for crypto trading. In 2019, Y Combinator backed us up, and we secured angel funding. By June 2021, we closed our pre-seed and seed funding rounds. In September of the same year, we launched Coin Sets, simplifying crypto investments for retail investors.

Our momentum continued in 2022, as we emerged as the world’s largest crypto index investing platform by February. The successful Series A funding round in August further validated our mission and fueled our expansion. October 2023 marked the launch of Saber.Money, our B2B product to facilitate onramp and offramp transactions.  Early 2024 saw the introduction of Mudrex PRIME, a premium service offering for HNIs and family businesses. Finally, in March 2024, we made a significant leap by launching Bitcoin spot ETFs in India, further solidifying our commitment to making crypto investments accessible and efficient for everyone. We are gearing up for launching more products to cater to all crypto users. Today, Mudrex has over 2 Million users and is still counting.

About investing platform of Mudrex, Different then other crypto asset management platforms?

While many existing platforms in the market primarily target traders, Mudrex recognizes the growing presence of retail investors in the space. We understand the need to simplify crypto for all, this is where we are different from other players. At Mudrex, we have products that cater to both investors and traders who seek to diversify their portfolio. Our aim is to make crypto accessible and user-friendly to enable them to participate in the crypto market confidently.

One key aspect that sets us apart is our advocacy for investing across themes and sectors. This philosophy is exemplified by our flagship product, ‘Coin Sets.’ With Coin Sets, investors can hold a diverse range of tokens that align with specific themes within the crypto ecosystem.

In the highly volatile crypto market conditions, our strategy revolves around advocating and enabling crypto index-style investing. We believe that attempting to time the market can be challenging and risky. Instead, adopting a long-term approach and investing in diversified crypto portfolios can be a more effective wealth-building practice.

By offering Coin Sets and encouraging diversified investments, we provide our users with a strategy to navigate the market’s volatility and potentially achieve better risk-adjusted returns over the long term. We also provide an SIP feature on top of it for investors to take advantage of the dollar cost averaging (DCA). These strategies position us as a reliable partner for everyday investors navigating the dynamic crypto market.

Challenges did you face while establishing Mudrex, How did you overcome them?

In a sector like crypto, there are a lot of challenges such as the market, regulatory developments, awareness, and a lot more being a nascent space. However, our journey at Mudrex has been about sailing through these obstacles with resilience and innovation.

Regulatory development is another hurdle. Since crypto is an evolving market, staying compliant is crucial. We prioritize compliance and maintain open lines of communication with regulatory bodies to ensure that our operations are always above board. This proactive approach helped us build a compliant platform trusted by users in both India and the European Union.

Raising awareness and educating our potential users about the benefits and risks of crypto investments was another challenge. We tackled this by creating comprehensive educational content and user-friendly resources, helping demystify the crypto world for newcomers. Our commitment to transparency and user education has been instrumental in building trust and fostering a knowledgeable user base.

Key features and services Mudrex offers to both newcomers and seasoned investors in the crypto space?

Our flagship B2C product ‘Coin Sets’ allows investors to diversify their crypto holdings across various themes & sectors across the crypto ecosystem. Investors can also invest in individual cryptocurrencies through Mudrex through its ‘Coins’. We are gearing up to launch futures & derivatives soon.

Mudrex also offers seamless onramp & off-ramp services through its B2B product called Saber.Money. It is supported in 27+ countries and 350+tokens. Its clientele list includes FireDrops by Flipkart powered by Jump.Trade, IndiGG, Polygon, ANQ Finance, Pyse, Delta Exchange and many others.

We also offer services to HNIs & family businesses through its Mudrex PRIME. Additionally, we have recently launched Bitcoin Spot ETFs for Indian investors which got great attention.

⁠How does Mudrex ensure security and transparency for its users?

At Mudrex, the security of third-party APIs, financial transactions, and user data is our topmost concern. We have implemented various measures to ensure maximum protection. Our platform utilizes AES-256 encryption, ensuring that all sensitive data remains encrypted and unreadable to unauthorized individuals. The data flow within our system is also encrypted, adding an extra layer of security. To safeguard user accounts, we have implemented Multi-Factor Authentication (MFA), requiring additional authentication beyond passwords. Furthermore, activity-based transaction limits are in place to prevent fraudulent actions on the platform. Additionally, we also perform third party security audits at regular intervals. These measures collectively work towards maintaining the security and integrity of user information and financial transactions on Mudrex. Lastly, we also prioritize strict adherence to the rules and regulations in the jurisdictions where we operate, including India and the European Union.

Can you discuss any upcoming developments or innovations that Mudrex is working on to enhance its platform?

We are focused on adding more services to our platform to enhance the overall user experience and provide even greater value to our customers. Our team is dedicated to continuous improvement and innovation, ensuring that Mudrex remains at the forefront of the crypto investment landscape. In April of last year, we successfully introduced Coin Sets to the Italian market. Through our diligent efforts, we have acquired the registration as a ‘Virtual Asset Service Provider (VASP),’ enabling us to function as a registered broker-dealer and crypto custodian within the European Union. To ensure complete compliance, we have additionally registered with Organismo di Autodisciplina Monetaria (OAM) in Milan, Italy.

At present, our primary focus revolves around expanding the reach of our products and growing our user base within Italy. Following our success in Italy, our next strategic steps are to potentially launch in other parts of the EU. By gradually expanding into these markets, we aim to bring the benefits of our products to more individuals and facilitate their participation in the crypto ecosystem.

How does Mudrex cater to the needs of both retail investors and institutional clients in the crypto asset management space?

We offer a range of products for retail investors, including Coin Sets, Coins and others. Additionally, we provide specialized services for institutional investors, HNIs, and family businesses. Our dedicated relationship managers ensure these clients receive personalized support, catering to their specific investment needs for a seamless and efficient journey.

How does Mudrex handle regulatory challenges?

At Mudrex, we believe in providing global standard services to our users. We are a compliant entity not only in India but also in the European Union, delivering services that align to stringent regulatory standards. Compliance and transparency are the core of our operations, ensuring that our users can trust and rely on us in a dynamic crypto landscape.

We also actively educate our users on the importance of following regulations for safeguarding their investments. By promoting regulatory awareness, we empower our users in the crypto market confidently, knowing there is always a way for legal recourse if needed. This commitment to compliance and education underscores our dedication to building a secure and trustworthy platform for all our users.

 

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