Rapid fire with YS Life: Edul Patel, CEO and Co-founder, Mudrex
Edul Patel, CEO and Co-founder of Mudrex, gives a peek into his life beyond his business.
While the cryptocurrency market may seem volatile, especially after the collapse of some of the major crypto exchanges like FTX, Bengaluru-based Mudrex has not just been holding its ground but also growing.
Co-founded in 2018 by Edul Patel, the fintech startup has expanded beyond its geographical boundaries to set up headquarters in the US. Earlier last year, it also claimed to be the world’s largest crypto index investing platform, with its user base recording a 2,400% increase in the first quarter of 2022.
An alumnus of IIT Bombay, Patel comes with over a decade of experience in finance and entrepreneurship. He is on a mission to create an investor-friendly environment in India and overseas.
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In an attempt to know the man behind Mudrex, YS Life posed some fun and quirky questions to Patel.
YS Life [YSL]: What are the three words that best describe you?
Edul Patel [EP]: Passionate, disciplined, and happy.
YSL: Three pieces of advice for people who wish to start investing in crypto?
EP: Buy Bitcoin; start small, learn and build confidence; and if someone is promising outlier returns, they are trying to scam you, beware.
YSL: Three pieces of advice for people who are still scared to invest in crypto?
EP: It is legal to buy and own crypto. Additionally, the taxation part on crypto is also clear as of other asset classes. So, there is nothing to be scared of investing in crypto.
Crypto is not as volatile as it seems, Bitcoin has a better risk-reward ratio than NIFTY today.
Buying crypto is now easier than ever before.
YSL: A recent song that you cannot get out of your mind?
EP: Dream On by Aerosmith.
YSL: Three financial mistakes that you wish you never made?
EP: Putting money in PPF as the liquidity got stuck; not having health and life insurance for the first five years; and selling my first Bitcoin early.
YSL: What are your vices?
EP: It is hard for me to stay away from food, and I’m good at poker!
YSL: Who's your inspiration—in life and in business?
EP: My inspiration in life is my parents. When we talk about business, it’s Jamshedji Tata.
YSL: What was the last application that you downloaded?
EP: Some finance app, I don’t remember the name.
YSL: If not a crypto-entrepreneur, then what?
EP: Probably, I might be working on building credit accessibility in India by day and pastry chef by night!
YSL: One thing about you that people assume but is not true?
EP: Most people assume me to be a clumsy person but I am not.
YSL: Fame or money?
EP: I would rather prefer peace of mind and not either of them.
YSL: The one thing that you love about your job?
EP: Building what people want.
YSL: The one thing that you hate about your job?
EP: Bad traffic on Sarjapur Road!
YSL: If you could change one thing in your journey, what would it be?
EP: Learn to code earlier.
YSL: What’s the golden rule to stay ahead in life and business?
EP: Compound everything, be it in life or business. Do small things consistently which will then yield bigger things.
Edited by Kanishk Singh