The US and Bengaluru-based fintech startup, Mudrex, grew an operation as a platform which automates the procedure of cryptocurrency trading. The startup, that earlier shut down its crypto exchange, back before its launch due to RBI’s stance against crypto trading, then made over the platform and is currently unriddling the ‘pain point’ of crypto traders. “A cryptocurrency trader understands algorithms. They know how the market works. They can write condition and say, if this goes above this then I’d invest. Their pain point is that they don’t know how to convert their trading ideas into algorithms. He requires to do research, code, and needs a scalable infrastructure to be able to trade properly, these are essentially the things we are solving,” Mudrex cofounder Edul Patel stated in a report. Amusingly, Mudrex’s technology makes no use of blockchain.
The core tech for the platform has been developed through the use of computer programming languages, Python and Java. “We have built Mudrex in such a way so that, if required, we can port it to work in the decentralised ledger at any point of time in the future,” Patel claimed.
Since the launch of Mudrex, back in February 2019, it already rose on-board with more than one thousand customers. Out of which, 20%-30% cover the India region whereas, the rest stretch out across the US and Southeast Asian markets. The startup mentions to witness 25% of the weekly rise in trading volume.
Mudrex, as a startup, earlier, decided not to launch the crypto exchange, even though the startup laid its hands in lots of efforts and hard work into the project, since years. During the absence of a supportive regime towards cryptocurrency, the startup was not able to meet with a profitable agenda to scale its exchange platform that could also entail mass retail participation in cryptocurrency trading. However, even RBI’s blanket ban couldn’t deter the spirit of five IITians. “You just can’t simply trade even one asset across five exchanges. You constantly need to monitor,” Patel stated in the report.
Towards the warming May, the founders came up with a eureka moment to automate crypto trading. “Then we started building a platform that can automate trading and we were able to do it because we know how to code,” claimed Patel. This neoteric product serves crypto traders with an automated tool and the skill to trade live.
It comes with a simple drag-and-drop-based visual editor to develop and establish strategies, skill to backtest on historical data and trade live with dummy monies, following with an API key-based integration with Bitmex and Binance that stretches a hand to trade straightly, without depositing any funds. Even though the company is registered in the US, yet, all the development and operations of the Mudrex technology has been instituted from its office headquartered in Bengaluru. It presently has eight members as a working team, that includes five founders of the company.
Patel further in the report also claimed, “Although TradingView helps in research for traders, users still need to know how to code if they want to trade. Also, there is Quantopian, which provides users with the ability to test their strategies, however, users can’t trade as they still need to know how to code.” In the current development of India’s cryptocurrency sector, the Supreme Court of India asked the centre to introduce the cryptocurrency policy within March, this heading year. Therefore, the main concentration of the company is to bring back the regulatory issues that the cryptocurrency startups are presently facing in India.