Indian Crypto Investment Platform Mudrex Expands to Italy

Indian Crypto Investment Platform Mudrex Expands to Italy

Mudrex Expands its Operations to Italy, with Global Expansion Plans

Mudrex, an Indian cryptocurrency investment platform, has successfully registered to operate in Italy, according to CEO and co-founder Edul Patel. This move is uncommon for Indian entities in the blockchain industry, as they have mostly struggled due to harsh taxes and a global crypto market downturn. However, Mudrex has taken a bullish approach to global expansion, which sets it apart from other Indian companies in the space.

The company has also initiated the approval process to operate in the United Kingdom, indicating its broader vision for international reach. Mudrex’s registration with Italy’s Organismo Agenti e Mediatori (OAM) on September 1, 2023, is a significant step towards establishing its presence in Europe. OAM is the local legal entity that maintains lists of financial agents operating in Italy and ensures compliance with anti-money laundering regulations.

Mudrex, with one million registered users, stands as one of India’s largest crypto platforms. It offers index investing options through sets of coins called Coin Sets, providing an alternative to speculative trading. These sets include small, mid, and large-cap cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH). The platform also offers thematic indexes, including layer one, layer two, NFTs, Metaverse projects, and Dow trackers.

Explaining the motivation behind expanding internationally, Patel stated that while India is their base, international customers have expressed their desire for distinct investment products. Mudrex believes that its product is unique and offers differentiated offerings compared to what is available in the international market. This perspective has fueled the company’s bullish approach to global expansion.

Mudrex’s decision to establish operations in Italy stems from a survey conducted by Italy’s securities regulator, Consob, which revealed positive data points such as higher risk diversification, higher gross savings, and more significant knowledge of cryptocurrencies among Italian households compared to other European Union nations. Based on this research, Mudrex shortlisted Italy and found that it yielded the best results on the ground.

It is worth noting that Mudrex’s expansion into Italy was facilitated by the fact that the company had already fulfilled the requirements to operate in the European Union after obtaining a license in Lithuania less than a year ago. During the six months of pursuing registration in Italy, Mudrex witnessed a substantial increase in its user base in the EU, growing from approximately 5,000 users to 17,000. This growth enables the company to offer its investment products through various registered entities, which includes banking partner apps. Mudrex is currently in talks with these entities to establish partnerships.

This move highlights the growing popularity and utility of blockchain technology in the financial sector. Mudrex’s expansion into Italy not only provides Indian investors with additional opportunities but also introduces unique investment products to international markets. With its index investing options and thematic indexes, Mudrex aims to meet the diverse needs and preferences of investors worldwide. The company’s successful registration in Italy serves as a promising milestone in its journey towards global expansion.

In conclusion, Mudrex’s decision to operate in Italy and pursue global expansion reflects the potential for growth in the blockchain industry. Despite the challenges faced by Indian entities in the crypto space, Mudrex has chosen to navigate the hurdles and capitalize on international opportunities. By offering unique investment products, the platform seeks to attract customers worldwide while leveraging the favorable investment climate and regulatory framework offered by Italy. This expansion not only strengthens Mudrex’s position as one of India’s largest crypto platforms but also solidifies its presence in the global blockchain market.