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The Crypto 'Kuber': Edul Patel, CEO and Co-founder, Mudrex The future plans for Mudrex include expansion into EU markets and forging partnerships for Saber.Money

By Paromita Gupta

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Edul Patel, CEO and Co-founder, Mudrex

When Edul Patel and his cofounders initially started Mudrex, a crypto investments platform, it was just to make a few bucks from their crypto investments, and not something from a business perspective, "Initially, I was all about watching my crypto investments grow and building a fortune. But then, it hit me– the incredible power of blockchain and cryptocurrency to level the playing field, giving everyone a shot at wealth creation. But the problem was that only the tech-savvy prospectors were striking it rich. Where was the everyday guy? Locked out, left behind."

Fast forward to 2024, the startup claims to be the world's largest crypto index investing platform. But it wasn't the first rodeo for Patel. He previously cofounded and sold Niffler to Tapzo, which was later acquired by Amazon. Also, when contemporaries are struggling to stay afloat and operate within the legalities, Patel and the team are emerging as leaders in the space. "In our wild entrepreneurial journey, the initial dream was to launch a crypto exchange for Indians. But only 10 days before our big debut, the RBI threw a curveball with a cryptocurrency ban. Did it stop us? Not a chance. We quickly pivoted, switching our focus to make a global investment platform instead," shares Edul Patel, CEO and co-founder, Mudrex.

While 2023 was a lull year for crypto, Patel defines it as the "Year of Persistence" for Mudrex. Their B2C product includes Coin Sets, Coins, and Vault and has a 70 per cent user base hailing from India, 20 per cent from Italy, and remaining worldwide. It also launched Saber.Money, a B2B product for the ease of fiat-to-crypto conversion.

Patel is a staunch believer in adhering to regulations and has been active in the same, "The successful attainment of regulatory compliance in India, with FIU registration, and in the European Union, notably with OAM registration in Italy, underscores our persistence in navigating complex regulatory landscapes." In fact, amid FIU IND's recent foreign exchange notice, Mudrex was one of the only two players to have witnessed a surge in deposits and new users.

The future plans for Mudrex include expansion into EU markets and forging partnerships for Saber.Money.

FACTSHEET:

No. Of Co-founders: 4

No. Of Employees : 80

Year Of Inception: 2018

Paromita Gupta

Features Writer with Entrepreneur India

Covering news and trends in AI and Metaverse segments. An avid book reader running her personal blog on the side. You may reach me at paromita@entrepreneurindia.com. 
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