Y-Combinator became an investor in Pre-series A round for Mudrex
Mudrex a Bengaluru-based company has grown by 450 percent in 4 months.
Mudrex, a cryptocurrency investment platform, revealed that it had raised $6.5 million in a pre-series A round from Arkam Ventures, Tribe Capital, and Bolt by QED Investors. Mudrex has received funding from Y Combinator. The Bengaluru-based and San Francisco-based startup claim to have expanded by 450 percent in four months and now has over 100,000 users from over 100 countries. Mudrex intends to use the funds to accelerate the acquisition, licensing, and expansion of users in India, the United States, Europe, and Latin America.
What is Mudrex
Mudrex, formed in 2018 by Edul Patel (CEO), Alankar Saxena (CTO), Rohit Goyal (VP, DeFi), and Prince Arora (VP, Engineering), offers crypto mutual funds and exchange-traded funds to regular investors (ETFs). “In the equities world, the creation of investment products like Mutual funds, ETFs, Index Funds, and so on helped retail investors generate long-term wealth simply and easily,” the company said in a statement. “However, retail investors have been left to fend for themselves thus far, which is something Mudrex aims to solve.”
“Crypto as an asset class is gaining traction with regular investors all around the world. “A platform like Mudrex, which makes crypto investing easy for the masses by managing the complexity of crypto in the background, would increase adoption,” said Rahul Chandra, managing director of Arkam Ventures.
Aside from investing offerings, the platform also provides direct local currency to crypto conversion, global liquidity, and a secure wallet.
“Mudrex is introducing money management techniques to the crypto world.”
Investing in cryptocurrency in the traditional sense does not exist today. Most retail customers buy tokens in the hopes of multiplying their money in a few days. This is not an investment and can be pretty dangerous.
“This is precisely what keeps the average retail investor out of this new emergent financial ecosystem,” said Edul Patel, Mudrex’s CEO and co-founder.
“Our goal is to become the largest crypto investment platform in the world.” We’ll accomplish this by developing products that are easy to grasp and making investing a breeze. This money will enable us to continue working toward our goal of making cryptocurrency accessible to everyone.”