Mudrex, the Indian Crypto Investment Platform, Extends Services to Italy
Mudrex, an Indian cryptocurrency investment platform, has successfully completed the registration process to operate in Italy, as confirmed by CEO and co-founder Edul Patel in a recent interview with Bitsday. This move into the international market is notable for Indian companies, given the challenges posed by high taxes and a global crypto downturn. What sets Mudrex apart even further is its ambitious global expansion strategy, which Patel revealed for the first time. He mentioned, "Half our team is working on international expansion."
Furthermore, Mudrex has initiated the approval process to establish operations in the United Kingdom.
On September 1, 2023, Mudrex received approval for registration with Italy's Organismo Agenti e Mediatori (OAM), a crucial step for cryptocurrency firms. OAM is the local legal entity responsible for maintaining lists of financial agents operating within the country, adhering to the nation's anti-money laundering regulations. Patel stated, "We wanted to allow some time to pass after receiving approval before making the news public."
Despite having only one million registered users, Mudrex stands as one of India's largest crypto platforms. It distinguishes itself by offering index investment options through sets of coins known as Coin Sets, providing an alternative to speculative trading. These sets encompass various categories, including small, mid, and large-cap coins, BTC, and ETH. Additionally, thematic indexes cover layer one, layer two, NFT, Metaverse projects, and Dow trackers.
"While India remains our home and where we originated, international customers have informed us that investment products there are fairly similar," commented Patel. "We believe our product is distinct and offers some very unique features."
Italy was chosen as the initial international market because a survey by Italy's securities regulator Consob on the financial investments of Italian households provided data points aligning with Mudrex's products. These included a preference for higher risk diversification, greater gross saving, and a higher level of crypto knowledge compared to most other EU nations. Patel stated, "We conducted thorough research and shortlisted potential markets, but Italy yielded the most promising results on the ground."
According to Mudrex, the entry into the Italian market was facilitated by the fact that the company had already met the requirements to operate within the EU, having obtained a license in Lithuania less than a year ago. In the six months leading up to the registration in Italy, Mudrex's user base in the EU increased from around 5,000 to 17,000.
"We can now offer our investment products through all other registered entities, such as banking partner apps, and we are currently in discussions with them," added Patel.