Crypto platform Mudrex raises $6.5 million in pre-series A

economictimes.indiatimes.com:

Mudrex, Bengaluru-based crypto investing platform, has raised $6.5 million in a pre-series A round from Arkam Ventures, Tribe Capital and Bolt by QED Investors. Launched in 2018, Y Combinator-backed Mudrex has clocked a 450 per cent user growth in the last four months from over 100 countries. Four months earlier, the start-up raised $2.5 million from seed funding led by Nexus Venture Partners, Village Global with participation from Kunal Shah, Anand Chandrashekharan, and Anjali Bansal.

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The funding round will help Mudrex accelerate user acquisition, licensing and expand rapidly in geographies like India, the US, Europe and Latin America. Edul Patel, CEO & Co-founder of Mudrex, said, «Mudrex is bringing wealth tech to crypto. Investing in crypto in the true sense of the term does not exist today. Most users hunt multibagger cryptos and scripting their get rich quick story. 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.» In equities, investment products such as Mutual funds, ETFs, Index Funds have helped retailers to generate long-term wealth in a simple way. On the other hand, crypto retail investors have been left to fend for themselves thus far, which is something Mudrex claims it aims to solve. The crypto market is expanding rapidly, with more than 50 million retail investors. Mudrex is looking to simplify crypto investing by providing products similar to 'Mutual Funds'