Bengaluru and San Francisco-based crypto asset management (trading and investment) platform Mudrex has raised $2.5 million in a seed round led by Nexus Venture Partners with participation from Village Global, Kunal Shah, Anand Chandrashekharan, and Anjali Bansal.
The funds will help Mudrex scale up the team and operations, acquire global regulatory compliances, and create innovative products, Nexus Venture Partners (NVP) said in a statement released on August 10.
The company had earlier raised $7,50,000 from Y Combinator, Better Capital, Woodstock Fund, and angel investors like Nitin Sharma and Anupam Mittal.
Mudrex, which was launched in 2018 by IIT-Bombay alumni Edul Patel, Rohit Goyal, and Alankar Saxena, and IIT-Kanpur alumnus Prince Arora is a platform that simplifies crypto investing by providing innovative investment products modelled along the lines of mutual funds and ETFs (exchange-traded funds) for long-term wealth creation.
Commenting on the fundraise, Edul Patel, CEO and Co-founder of Mudrex, said: “Mudrex is bringing wealth tech to crypto. We have been able to scale the business profitably with a growth rate of 30 percent month-over-month over the past 10 months.”
He added: “Our vision is to become the leading crypto asset management platform that provides users state-of-the-art products and services to improve their trading decision making and hence returns on investment. We will achieve this through expanding our user community, providing superior tools to advanced portfolio managers, debunking myths about crypto trading as well as new product introductions like crypto indices, high yield crypto ‘savings account’, building out our mobile apps and more.”
Notably, the Mudrex user base spans more than 90 countries and it has over 25,000 active portfolio managers acquired organically and through a referral system. The crypto trading and investing platform has witnessed more than $1 billion in trading so far. At present, it has assets under management worth $15 million.Pratik Poddar, Principal, Nexus Venture Partners, said: “The Mudrex team has shown incredible potential and growth in carving a niche for themselves in a product-first customer-centric manner. They are operating at the intersection of three growth trends — access to wealth management services for retail investors, social investing by a new upcoming class of retail investors who are more risk-taking, and crypto trading.”
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