Mudrex, a Y Combinator-backed crypto investing platform based in Bengaluru and San Francisco, revealed on Tuesday that it has raised $6.5 million in pre-Series A funding from Arkam Ventures, Tribe Capital, and Bolt by QED Investors.
Mudrex, founded in 2018 by Edul, Alankar Saxena (CTO), Rohit Goyal (VP, DeFi), and Prince Arora (VP, Engineering), simplifies crypto investing by offering products akin to mutual funds and exchange-traded funds (ETFs), but for crypto. This, combined with immediate conversion of local cash to crypto, global liquidity, and a secure wallet, makes Mudrex a great place to start investing in crypto. Coin Sets, the company’s flagship product, claims to have been a game-changer, with a month-over-month retention rate of more than 90%.
Commenting on the latest funding Edul Patel, CEO and 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 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.”