“Mudrex already provides investment products to about 500,000 users in India. We want to grow this, scale up AUM, and become the largest crypto asset manager in the next five years,” says Edul Patel, CEO and Co-founder of the crypto investment platform.
Currently, Mudrex has nearly 1 million users onboard, and it expects to take this number to 5 million by the end of 2025.
Edited excerpts from an interview with ETMarkets:
The calendar year 2023 has been a roller-coaster for Bitcoin and the rest of the crypto market. How are you reading this volatility?
In 2022, the cryptocurrency market faced several challenges that impacted its overall performance. Additionally, the market-specific issues like macroeconomic factors such as rising interest rates and inflation further contributed to a less favourable sentiment among investors across the board, be it traditional markets or cryptocurrencies.
However, there were positive developments in the crypto market, such as regulatory clarity and Blackrock, Fidelity, and other major financial players filing for Bitcoin spot ETFs. Furthermore, Ripple and Grayscale successes in lawsuits against the SEC boosted confidence in the market. With these developments, we are likely to see other giants also applying for Bitcoin and Ether ETFs in the coming months.
With global concerns such as rising crude oil prices and interest rate hikes by the Federal Reserve, how do you see the crypto market performing in the near term?
Like traditional assets, cryptocurrency performance also depends upon several factors, such as interest rate adjustments by the Federal Reserve, rising interest rates and inflation, and cascading oil prices.
A surge in crude oil prices can contribute to inflationary pressures, prompting some investors to explore alternative assets like Bitcoin to preserve value. Conversely, the Federal Reserve’s decisions to raise interest rates can influence risk preferences and potentially induce certain investors to shift away from riskier assets, including cryptocurrencies.
As the cryptocurrency market matures and gains regulatory clarity, we may observe a gradual reduction in its inherent volatility. Further, the next Bitcoin Halving is set to take place in 2024, when we might likely see an uptrend.
How can AI help in transforming the Crypto market? Also, tell us about the SatoshiGPT you launched to ed88
At Mudrex, we have taken significant strides to provide innovative solutions and the introduction of SatoshiGPT and Satoshi School are in line with this agenda. Satoshi School is a free learning tool offering invaluable insights and educational resources on cryptocurrencies and investing.
On the other hand, SatoshiGPT is an AI tool built on ChatGPT’s engine where users can learn everything about crypto in one place. This tool can combat the pervasive information scarcity and misinformation in cryptocurrency. Our foremost objective is to nurture trust and knowledge among individuals.
SatoshiGPT is our philanthropic endeavour, promoting financial education and fostering awareness. As part of our mission, we do not have any intentions of monetization.
We have seen the collapse of crypto platforms and exchanges like FTX globally due to a lack of regulations. Cryptocurrencies as a payment medium in India are not regulated as well by any central authority. What’s your opinion on this?
For the adoption of cryptocurrencies as a payment medium in India, the absence of centralized regulation has both advantages and disadvantages. On one hand, it allows for innovation and flexibility in using digital assets, fostering a dynamic and evolving financial landscape. On the other hand, the lack of clear regulations can lead to uncertainties and challenges, such as difficulties in determining tax liabilities or addressing cases of fraud and misconduct.
To strike a balance, governments and regulatory bodies must consider implementing a regulatory framework that safeguards users’ interests while encouraging the responsible growth of the cryptocurrency industry.
Effective regulation can clarify, reduce risks, and promote transparency, essential for the long-term sustainability and integration of cryptocurrencies into the broader financial system.
What is the current customer base of Mudrex, and where do you want to see this by the end of the year?
At the end of FY21, we approximately had 100,000 users, and this surged to around 600,000 in FY22. In FY23, our user base continued its robust expansion, reaching approximately 800,000. Currently, Mudrex has nearly 1 million users onboard, and we expect to see the number grow to 1.2 million by the end of the year and scale this to 5 million by the end of 2025.
Can you share Mudrex’s growth in recent years, and where do you see yourself in the next 5
We have witnessed a remarkable growth in our assets under management (AUM) between FY22 and FY23, which exceeded 1,000%. This surge in AUM reflects the growing confidence investors have in our platform. It underscores our commitment to delivering value for retail investors.
Mudrex already provides investment products to about 500,000 users in India. We want to grow this, scale up AUM, and become the largest crypto asset manager in the next five years.
You launched your platform in Italy recently, what is the next destination for Mudrex?
In April this year, we achieved a significant milestone by successfully introducing our flagship product, Coin Sets, to the Italian market. Currently, our primary focus centers on expanding the accessibility of our products and growing our user base within Italy.
After Italy, we might launch our platform in Spain and the Netherlands. Through a deliberate and phased expansion into these markets, we aspire to extend the advantages of Coin Sets to a broader audience, facilitating their active engagement in the dynamic realm of the crypto ecosystem.
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