YC-backed Mudrex claims it is the world's largest crypto index investing platform with 2.5 lakh investors
The company claims Indian users were the driving force behind the exponential growth as Indian users accounted for more than 80 percent of the increase in the user base.
Global crypto investment platform announced on Wednesday, that its user base has seen a 2400 percent increase in the first quarter of 2022, making it the largest crypto index investing platform.
Mudrex was founded in 2018 by Edul Patel (CEO), Alankar Saxena (CTO), Rohit Goyal (VP, DeFi), and Prince Arora (VP, Engineering). The Bengaluru-based fintech firm with a US headquarters currently operates in 90 countries to provide a platform for crypto investments. It is backed by Y Combinator and Nexus Venture Partners.
The platform offers portfolio bundles for various risk-reward profiles, by utilising algorithms. An investor begins by selecting a portfolio that meets their risk-reward objectives. It then recommends trading tactics and products based on the profile.
Edul Patel CEO and Co-founder of Mudrex said “We at Mudrex are thrilled to witness such stellar growth numbers in such a short period of time. From the very beginning, we have been laser-focused on creating products to keep our users engaged and help them invest in crypto. With the help of our crypto experts, we spent most of last year developing and designing products that would not only bring attention to crypto but push users to consider crypto as a long-term asset class.
"India is an important market for us and it has been receptive to all the innovations that Mudrex has ushered in. Hence, the spike in our India user base is exciting news for us. Looking ahead, product development and education will remain at the core of Mudrex’s offerings and we expect to hit one million investors on our platform by early Q4,”he added.
In October 2021, the company introduced Mudrex Coin Sets, which are baskets of crypto tokens that enable users to diversify their portfolios. These crypto baskets are managed and rebalanced on a regular basis to ensure that they improve as the market evolves. This also enables investors to mitigate risk by diversifying investment in cryptocurrencies.