Mudrex reports 200% growth in user base in 2024
The crypto investment platform is aiming to onboard 10 million users by the end of 2025.
Indian crypto investment platform Mudrex on Friday said it saw a 200% rise in its user base in 2024 as the company doubled down on building customer relationships and focusing on educating its users.
“A lot of these (education, partnerships) initiatives finally started to bear fruit over the last year. We put in a lot of effort in helping people understand what crypto is, demystifying crypto, giving them a sense of how they can participate in investing in crypto without risking a lot and figuring out what's the right balance between risk and reward so that they can invest with confidence and invest with the right outcomes in mind, “ said Edul Patel, Co-founder and CEO at Mudrex in an interview with YourStory.
“That, I think, was a journey that we spent time on over the last year and I think that has helped us to our milestones today," he added.
Mudrex has also clocked in a 20X surge in monthly trading volume, touching $200 million. This refers to the total value of all trades executed on the platform.
The company aims to onboard 10 million users by the end of 2025 by entering new markets and catering to a wider range of audience.
Mudrex will continue to focus on spreading the word about crypto through its many offerings which includes ‘Learn with Mudrex’, a programme that offers insights into crypto trading through various courses. The company is also looking to introduce certified learning courses in the coming months.
The news comes amidst rising action in the global crypto landscape as Bitcoin prices touched all-time highs after Donald Trump’s re-election. Trump has promised to roll out strategies that would benefit the ecosystem and has been a supporter of the digital asset. This along with rising institutional interest has resulted in an ongoing bull rally.
When asked if this influenced the rising number of customers on Mudrex’s platform, Patel said, “I think our growth has been consistent throughout the year. Having said that, whenever prices jump, of course, things move. For example, we saw a reasonably large spike in March, then we saw another reasonably large spike in July, August, and then of course, November, December. But I would say the spike is noticeable, but it's not something that is an outlier.”
The company, which has received the Virtual Asset Service Provider (VASP) registration in the European Union, is now in the process of applying for MiCA licence which is a permit to operate crypto-related services in the European Union.
However, Patel added that India remains the company’s primary focus. “Our primary focus right now continues to stay in India. And we want to double down and first grow in India. And then as time progresses, take steps to move out. We will likely move out, if we do, we will likely move out to more developed economies.”
The company, which was founded in 2018, has announced a fee-free trading day on all coins on January 12 to mark seven years of operations.
Edited by Affirunisa Kankudti