In the latest official statement, Bengaluru and San Francisco-based crypto asset management platform Mudrex has confirmed that it has raised $2.5 million in a seed round. The startup plans to expand its team and operations with current funds.
Mudrex Raises $2.5 Million
Founded in 2018 by IIT Bombay Alumni Edul Patel, Rohit Goyal, Alankar Saxena, and IIT Kanpur alumnus Prince Arora, the crypto investing firm Mudrex has successfully closed a seed round of $2.5 million. The financing event was led by Nexus Venture Partners. Village Global, Kunal Shah, Anand Chandrashekharan, and Anjali Bansal.
As per the company’s statement, Mudrex will utilize the current fund in hiring more staff as well as scaling up its operations. The startup also plans to invest current funding in acquiring global regulatory compliances and creating user-centric products.
In the earlier fundraise, Y Combinator, Better Capital, Woodstock Fund, and angels like Nitin Sharma and Anupam Mittal invested $750,000 in the startup.
The startup’s mission is to revolutionize retail participation in the crypto industry. With its advanced AI and machine learning-based algorithms, Mudrex provides a hassle-free environment to invest in cryptocurrencies. Not only the investment service, but the startup also predicts the future of the portfolio based on the crypto market and the past performance of the tokens.
Mudrex claims to have a database of over 25,000 active portfolio managers. These portfolio managers signed up on the startup’s platform via its referral system and organic reach. The firm also recorded $1 billion trading transactions on its online platform to date. The company at present holds an AUM of $15 million and counting.
Talking about the latest funding event and the startup’s growth, Edul Patel, CEO and Co-founder of Mudrex, said, “Mudrex is bringing wealth tech to crypto. We’ve been able to scale the business profitably with a growth rate of 30 percent m-o-m over the last 10 months. Today, Mudrex is a global platform with users from over 90 countries. Our vision is to become the leading crypto asset management platform that provides users state-of-the-art products and services to improve their trading decision making and hence returns on investment.”
He further added, “We 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.”
Most of the crypto investors are the young Indian generation who wants to get rich overnight. That is why they buy random cryptocurrencies to get 10x returns within some days and fails. Later, they blame the crypto market and call it gambling instead of an investment. Crypto investment is not gambling if invested properly.
Mudrex plans to remove all such myths from investors’ minds. Startup’s technology-driven platform helps its users by analyzing and showing the risk/reward score of the portfolio selected by them.