NEW DELHI :
International crypto asset administration platform, Mudrex, has launched Coin Units, a mutual-fund type crypto funding product for retail buyers.
Coin Units are baskets of crypto tokens primarily based on a theme. For instance, a Coin Set known as ‘DeFi 10’ is a basket of the highest 10 decentralized finance (DeFi) tokens. Equally, a Coin Set known as ‘NFT’ is a basket of the highest six non-fungible token (NFT) initiatives.
The merchandise are created and managed by specialists from the Mudrex group. The asset administration platform additionally takes care of allocation, order execution and periodic rebalancing.
As per Mudrex, which is backed by Y Combinator and Nexus VP, the product will assist buyers handle potential dangers by diversifying their portfolios in numerous cryptocurrencies.
Commenting on the launch of ‘Coin Units’, Edul Patel, chief govt officer and co-founder of Mudrex, stated: “Coin Units will permit buyers to mitigate danger by diversifying funding in cryptocurrencies. It’s a mutual fund-like product with a greater risk-reward ratio. The product is designed to increase retail participation in crypto funding, curated suitably for buyers who have a look at crypto investments as long-term wealth creation.”
The US-headquartered and Bengaluru-based fintech startup had just lately introduced a funding spherical of $2.5 million led by Nexus Enterprise Companions, with participation from Village International, Kunal Shah, Anand Chandrashekharan, and Anjali Bansal. The corporate has earlier raised $750,000 from Y Combinator, Higher Capital, Woodstock Fund, and angels like Nitin Sharma and Anupam Mittal.
The platform presently hosts 40,000 energetic customers with property underneath administration (AUM) of $15 million with a progress charge of 30% month-of-month (MoM) over the past 10 months. Mudrex has customers in over 90 international locations.
Launched in 2018, Mudrex was based by Edul Patel (CEO), Alankar Saxena (CTO), Rohit Goyal (VP, Defi), Prince Arora (VP, Engineering).
Supply: Live Mint