Mudrex

Mudrex is a fintech start-up founded in early 2018 with headquarters in San Francisco, USA and operations based in Bengaluru, India. The company has made significant strides in revolutionizing cryptocurrency investing and aims to provide retail investors with a dynamic platform for better risk-adjusted returns in the volatile cryptocurrency market. Co-founded by Edul Patel, Alankar Saxena, Rohit Goyal, and Price Arora, Mudrex is backed by prestigious investors such as Y Combinator, Nexus Venture Partners, Tribe Capital, Arkam Ventures, and Bolt by QED Investors.
==History==
Mudrex is a financial technology company founded in 2018 by Edul Patel, Alankar Saxena, Rohit Goyal, and Prince Arora. Originally intended as a cryptocurrency exchange, the project faced challenges due to regulatory restrictions imposed by the Reserve Bank of India opposing crypto trading in the country. The co-founders quickly adapted and shifted their focus to developing Algos, an innovative automated crypto trading infrastructure. Mudrex quickly gained significant traction, attracting over 1,000 users from India and the rest of the world. During this period, Mudrex secured funding from Y-Combinator's angel round, further propelling their vision.
As the crypto market gained popularity among retail investors in 2021, Mudrex recognized the need for products catering to this segment, which forms a significant portion of the market. In response, the company embarked on a pivot towards making cryptocurrency investment more accessible and user-friendly. This led to the launch of their flagship product, Coin Sets, in September, aimed at providing retail investors with a user-friendly investment experience in the cryptocurrency space. Coin Sets are crypto index investing products based on themes across the crypto ecosystem, catering to everyday and retail investors.
In 2022, Mudrex introduced the SIP feature for Coin Sets, allowing investors to invest in a disciplined manner. In the first quarter of 2022, Mudrex became the world's largest crypto index investing platform, with over 2.5 lakh investors.
In May 2023, Mudrex expanded its services to Europe, launching its flagship product, "Coin Sets," in Italy. To ensure compliance with local regulations, the company established an OAM and branch office in Milan, Italy.
==Products==
* Mudrex's flagship product, "Coin Sets," enables users to invest in different tokens based on themes across the crypto ecosystem. Investors can start their crypto investment journey with as little as $1 and regularly invest in Coin Sets through the platform's Systematic Investment Plan (SIP) feature. To ensure better risk-adjusted returns, the tokens in the Coin Sets are rebalanced every month.
* Mudrex offers a unique API-based enterprise technology called "Crypto-as-a-Service." This service allows traditional and crypto-specific brokers, portfolio management services, and fintech companies to provide users with reliable and secure crypto investment products.
* “Vault” is another recent product introduced by Mudrex, offering investors to earn 10% interest on their investments.
* Mudrex offers the “Coins” product, enabling investors to allocate their funds into a single token of their choice.
==Initiatives & outreach==
Mudrex is committed to addressing financial literacy issues in the crypto space and has launched several initiatives for education and community engagement:
* Satoshi School: Satoshi School is an educational initiative by Mudrex, offered in collaboration with major institutions, such as providing a free online platform for Web 3.0 and cryptocurrency learning. Tailored for adolescents and individuals keen on understanding the digital landscape, Satoshi School offers a range of courses, from basic concepts to advanced topics. The platform's interactive interface features real-world examples, analogies, summaries, and interactive quizzes, ensuring a seamless learning experience. Upon completing specific coursework, participants receive a certification, enabling them to demonstrate their expertise in the field.
* WAGMI Community: Mudrex introduced WAGMI Community on National Youth Day on January 12th, 2023 , a student-led Web 3.0 initiative fostering innovation and collaboration among students. Partnering with 20+ clubs across renowned institutions like IITs, NITs, ISB, FMS, and MDI in India, WAGMI aims to bridge the technological gap and promote Web 3.0 exploration. The community hosts diverse events, including live projects, case competitions, panel discussions, trivia, and AMA sessions, featuring industry experts. With an invite-only membership, WAGMI boasts a vibrant community of over 1500 Web 3.0 enthusiasts, offering students invaluable opportunities to learn from professionals and connect with like-minded peers.
* SatoshiGPT: SatoshiGPT is an AI chatbot focused on simplifying cryptocurrency education. The platform curates content from reputable sources, providing users of all expertise levels with updated and comprehensive information about the crypto-verse. SatoshiGPT aims to empower individuals to make informed decisions and confidently navigate the dynamic world of cryptocurrencies.
* The Flippening: The Flippening is a daily and weekly newsletter offered by Mudrex, that delivers updates and insights on the crypto ecosystem, ensuring that the users stay well-informed and up-to-date with the latest developments in the cryptocurrency space.
==Funding==
Mudrex has raised a total of US$22.1 million from various VCs and investors since its inception. In 2019, it secured $500K in a seed round from Y-Combinator. In 2020, a Pre Seed Round raised $250K from WoodStock Capital. In August 2021, a seed round of $2.5 million was raised from Nexus Venture Partners. In December 2021, pre series A round brought in $6.5 million from Arkam Ventures. The most recent fundraise occurred in 2022, totaling approximately $12.3 million from SWC Global.
==Bitcoin Pizza Day Celebration==
In July 2023, Mudrex partnered with OvenStory and Via Milano and distributed pizzas to over 300 tech startups in and across Bangalore, India, commemorating Bitcoin Pizza Day. The initiative celebrated the widespread adoption of cryptocurrencies and honored Laszlo Hanyecz's historic contribution to the crypto space when he famously purchased two pizzas with 10,000 bitcoins in 2010.
==Awards & recognitions==
* Mudrex received the NASSCOM Emerge 50 Award for Coin Sets (2021).
* Received 'Outstanding Product or Service' (FinTech) for Coin Sets in Technology Excellence Awards (2022).
* Recognized as the Best Crypto Investing Platform of the Year at the Web 3 Summit organized by Entrepreneur India (March 2023).
* Mudrex was honored with the “Fintech Startup of the Year” award at the FinTech Festival-3rd edition by Business World (June 2023).
* The company received the “Most Trusted Crypto Investment Platform” award at the Web3.0 Conclave organized by Business World (July 2023).
==In the media==
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==References==
==External links==
* Official website
* Satoshi School
* WAGMI Club
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* Mudrex on YouTube
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Category:Companies established in 2018
Category:Financial technology companies
Category:Companies based in San Francisco