NEW DELHI: Cryptocurrency investment platform Mudrex on Tuesday said that it has raised $6.5 million in a pre-series A round from Arkam Ventures, Tribe Capital, and Bolt by QED Investors. Mudrex is backed by Y Combinator.
The pre-series A round comes on the heels of a $2.5 million seed funding round, led by Nexus Venture Partners, Village Global with participation from Kunal Shah, Anand Chandrashekharan and Anjali Bansal.
The Bengaluru and San Francisco-headquartered company said it has clocked 50% user growth in four months and currently has more than 100,000 users from over 100 countries. Mudrex will use the funds to accelerate user acquisition, licensing, and expand rapidly in geographies like India, the US, Europe and Latin America.
Founded in 2018 by Edul Patel (CEO), Alankar Saxena (CTO), Rohit Goyal (VP, DeFi), Prince Arora (VP, Engineering), Mudrex simplifies crypto investing for retail investors by providing products similar to mutual funds and exchange traded funds (ETFs) for crypto. “In the equities world, creation of investment products like Mutual funds, ETFs, Index Funds, etc., helped retail investors generate long-term wealth in a simple and easy way; retail investors on the other hand have been left to fend for themselves thus far, which is something Mudrex aims to solve,” the company said in its statement.
“Crypto as an asset class is becoming pervasive amongst retail investors across the world. The adoption will be accelerated by a product like Mudrex that makes crypto investing easier for masses by managing complexity of crypto in the background,” said Rahul Chandra, managing director, Arkam Ventures.
Apart from investment products, the platform also offers direct conversion of local currency to crypto, global liquidity and a secure wallet.
“Mudrex is bringing wealth tech to crypto. Investing in crypto in the true sense of the term does not exist today. Most retail users end up purchasing tokens hoping to multiply their money in a matter of days. This is not investing and can be very risky. This is exactly what prevents the common retail investor from participating in this new emerging financial ecosystem,” said Edul Patel, CEO and co-founder, Mudrex. “Our vision is to become the world’s largest crypto investing platform. We will do this by creating simple to understand products and making investing seamless. This funding allows us to continue working towards our mission of making crypto easy for everyone.”
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