Mudrex Financial News

Mudrex, a leading global crypto investment platform, announced support for over 200+ tokens and introduced free and seamless crypto transfers from Binance, following the Financial Intelligence Unit’s showcase notice to Binance and eight other crypto exchanges for non-compliance with anti-money laundering standards in India. This strategic move aims to empower crypto users on these international exchanges, ensuring their security and the safety of their digital assets. «One of the standout features of this release is the introduction of free and seamless crypto transfers from Binance. Mudrex users can now transfer their crypto assets from Binance without incurring any gas fees, ensuring it doesn’t eat into your profits, on top of being a streamlined process,» Mudrex said in a release. To further enhance user confidence and accessibility, Mudrex has also introduced one-on-one expert support. This personalized assistance is designed to cater to users handling larger amounts or those who may not be entirely comfortable with crypto transfers. The expert support ensures that users have a dedicated resource to guide them through the process, addressing any concerns and providing valuable insights, the crypto platform said.

cryptocurrency exchanges and virtual digital asset service providers such as Binance, Kucoin, OKX, and others, were blocked in India on Friday. This comes after the government sent show-cause notices to these crypto exchanges for not complying with the country's money laundering laws. Earlier, on December 28 last year, show cause notices were sent to Binance, Kucoin, Bittrex, Bitstamp, MEXC Global, Houbi, Kraken, gate.io and Bitfinex for operating illegally in India. The notice was issued because these companies failed to comply with registration and local tax rules. As a result, the Finance Ministry directed the Ministry of Information Technology to block their URLs. On the development, Edul Patel, CEO of Mudrex, said, «In response to the FIU’s show cause notices to non-compliant crypto exchanges, we took proactive steps, advising investors to transfer their funds to compliant platforms. We are also providing dedicated support to ensure seamless fund transfers from other exchanges, upholding the highest safety and compliance standards.» «Indian investors should always aim to have their assets in the FIU compliant entities as it gives them a way for legal recourse against any fraudulent activity on their account,» Edul suggested.

As Mudrex marks its triumphant sixth year in the ever-evolving realm of cryptocurrency, the platform reflects on a journey rich with innovation and growth. From its inception in 2018 as an automated crypto trading platform, Mudrex is the world's biggest crypto index platform, with over a million users. In an exclusive interview with Edul Patel, CEO, Mudrex, ETMarkets explored the platform's notable milestones, its pivotal role in shaping investor behaviours, and its ambitious vision for the future. As Mudrex is turning six on 12th January, can you share some key milestones and achievements the platform has experienced so far? Edul Patel: In 2018, our journey began with building an automated crypto trading platform, laying the foundation for Mudrex today.

Binance Holdings Ltd. acrimoniously split with its Indian affiliate WazirX in 2022, the world’s largest cryptocurrency exchange looked near-invincible in the local market while WazirX was flailing. A government crackdown on offshore platforms has abruptly reversed the competitive dynamics. Since Indian authorities in late December began restricting access to Binance and other foreign crypto exchanges operating there without local registrations, traders have flocked to domestic rivals like WazirX. Many of them are moving deposits across from Binance, according to the local venues. It’s a welcome reprieve for WazirX and competitors like CoinDCX and CoinSwitch Kuber, which were pummeled by a 2022 taxation regime that drove traders to offshore exchanges. They appear poised for further gains after Apple Inc.’s App Store this week took down the apps of Binance and seven other foreign exchanges after a request from India’s government. Deposit inflows at WazirX jumped about 250% in the four days following India’s Dec. 28 compliance show-cause notice to nine offshore platforms, compared with the four days leading up to it, according to the company. CoinDCX reopened for deposits right after the event and they immediately began pouring in, CEO Sumit Gupta said.

Journeys into the crypto realm: Ajeet's wisdom & Edul's vision Ajeet, with his 53 years of wisdom, traces his fascination with new financial instruments back to the late '80s. His crypto journey began as a technological curiosity and a profound exploration of the financial dimension. It wasn't an instant love affair; Ajeet initially found the financial qualities of crypto less than impressive. However, when the blockchain and decentralised paradigm entered the scene, he saw a transformative force that could fundamentally change the finance landscape. And so, in September 2016, his crypto journey officially began. Edul Patel's s

Mudrex, the globally renowned crypto investment platform, witnessed a surge of $1 million in crypto deposits from prominent exchanges, including Binance. This surge comes in response to the Financial Intelligence Unit's (FIU) warning to nine international crypto exchanges for non-compliance with anti-money laundering laws. «In the wake of the FIU’s directives, Mudrex saw an influx of crypto deposits. Among the depositors, a majority have invested amounts exceeding $1000, showcasing the platform's appeal to both seasoned investors and newcomers alike,» Mudrex stated in a release. Mudrex successfully onboarding over 10,000 new users in the past few days, who were drawn to the platform for its user-friendly interface, seamless experience, and the unique advantage of zero fees on crypto deposits, Mudrex said. Breaking down the user demographics, Mudrex reported that 60% of the new users hail from Tier 1 regions, while 40% belong to Tier 2 locations. This diverse user base underscores Mudrex's widespread global acceptance and its ability to cater to the needs of investors across different geographies, the crypto platform stated.

Financial Intelligence Unit (FIU) to nine offshore virtual digital asset service providers, including Binance, Bitfinex, MEXC Global, and Kraken, for non-compliance under the Prevention of Money Laundering Act (PMLA) likely holds more significance than it might initially seem. It could have implications for anyone holding crypto assets. It is akin to a ‘demonetisation moment’ for the local crypto exchanges who had committed to abide by the country’s laws which the authorities have been pressing for quite some time. The crypto assets held by these non-FIU compliant exchanges are likely to witness a shift towards exchanges that adhere to FIU compliance.

Mudrex, a Y-Combinator-backed crypto platform, has recently announced its registration as a recognized entity with the Financial Intelligence Unit (FIU). Since the announcement of FIU registration, Mudrex has recorded a twofold increase in user growth on its platform. «Mudrex's platform has experienced a surge in user adoption, attributed to the FIU registration coinciding with a bullish market. Since the announcement of FIU registration in September, we have observed a twofold increase in user growth on our platform», said Edul Patel, CEO & Co-founder of Mudrex. In a notable development for the Indian crypto space, Mudrex became the third platform to secure FIU registration, following WazirX and CoinDCX. This move aligns with the regulatory changes implemented by the Indian government on March 7, 2023, which brought crypto service providers under the ambit of the Prevention of Money Laundering Act (PMLA), 2002. Compliance with the FIU is now a requirement for all crypto service providers, including exchanges, custodians, and wallet providers, necessitating adherence to various regulatory norms such as KYC procedures, record-keeping, reporting of suspicious transactions, appointment of a compliance officer, and engagement with regulatory authorities for guidance on compliance matters.

Gold and the US Dollar have long held their positions as stalwart players, Bitcoin has boldly entered the race, establishing itself as an emerging asset class. Each of these three assets possesses distinct characteristics and potential benefits, creating a dynamic landscape reflecting wealth and investment evolving nature. Let’s delve into the comparative study of Bitcoin, USD, and gold over the past decade. Age and Nature of the Assets Gold, a trusted store of value for centuries, has been a staple in the financial markets since the 1970s. However, the landscape changed significantly with the introduction of the first gold exchange-traded fund (ETF), Gold Bullion Securities. Launched on March 28, 2003, on the Australian Securities Exchange by ETF Securities and its major stakeholder, Graham Tuckwell, this event marked a significant evolution in gold investment. Historically, gold has demonstrated its resilience by serving as a hedge against inflation amid economic uncertainties. This characteristic has established Gold as a preferred choice for investors looking to safeguard their portfolios. Despite encountering short-term fluctuations, Gold has maintained its reputation as a stable investment, particularly appealing to risk-averse investors. The enduring popularity of Gold as an investment option underscores its time-tested role in providing stability amid the dynamic currents of the financial markets.

Mudrex, a leading name in the crypto investment sphere, has found it fitting to add to the celebrations for investors this Diwali with its exclusive Muhurat Investing event. This unique opportunity promises a mix of financial advantages and festive cheer, making it a must-see for crypto enthusiasts. Here's what you need to know: 1. Zero Transaction Fees One of the standout features of Mudrex's Muhurat Investing event is the announcement of zero transaction fees across its platform. This means that investors can trade and grow their crypto portfolios without the burden of additional charges. It's a rare occasion where financial growth is not hampered by transaction costs, presenting investors with an optimal moment to fine-tune their investment strategies. 2. Assured Gifts on $100+ Investments

crypto investment platform provider Mudrex aims to become the largest crypto asset manager in the next five years. “Mudrex already provides investment products to about 500,000 users in India. We want to grow this, scale up AUM, and become the largest crypto asset manager in the next five years,” says Edul Patel, CEO and Co-founder of the crypto investment platform. Currently, Mudrex has nearly 1 million users onboard, and it expects to take this number to 5 million by the end of 2025.Edited excerpts from an interview with ETMarkets:

Edul Patel, CEO and Co-founder of Mudrex, a global crypto investing platform. The concept of index investing has long been a favored strategy in traditional markets, such as stocks and mutual funds. However, as the world of cryptocurrencies continues to evolve, a new wave of investors is gravitating towards a similar approach within the crypto realm. Crypto index investing, although relatively nascent, has quickly gained traction among both retail and institutional investors. This investment strategy involves building a diversified portfolio of cryptocurrencies based on predetermined criteria, such as market capitalization or trading volume.What are the benefits of crypto index investing? Diversification: By investing in a crypto index fund, investors can gain exposure to a diversified portfolio of cryptocurrencies, which can help to reduce risk and volatility when compared to investing in one single crypto. This diversification strategy helps cushion against market downturns and minimizes the risk associated with investing in a single cryptocurrency. Additionally, by spreading investments across various cryptocurrencies, investors can potentially tap into the overall growth of the crypto market.

Bitcoin, which began trading at the US$22,000 level on Monday, dropped to its lowest point since January 2021, reaching US$19,000. Similarly, Ethereum, the second-largest cryptocurrency, also experienced a drop, falling to the US$1,300 level. As a result, both of these cryptocurrencies experienced significant losses in their weekly gains. However, following the release of the US jobs data on Friday, Bitcoin and other cryptocurrencies experienced a rebound, as the US added 311,000 jobs in February, surpassing predictions. Over the past 24 hours, both Bitcoin and Ethereum gained 3%. Investors and traders reacted to the recent statement by US Fed Chair Jerome Powell regarding potential interest rate hikes, resulting in sell-offs and increased concerns over aggressive interest rate policies. However, the decline in the crypto market may also be attributed to uncertainties surrounding Silvergate Bank broadly this week. In November, the bank faced significant withdrawals of $8.1 billion from investors following the FTX incident, leading to a chain reaction of negative consequences, including the sale of debt at a loss of $718 million. The bank's latest financial report showed staggering losses of $1 billion for Q4 and $949 million for the entire year of 2022, in contrast to the $76 million profit recorded in 2021. The bank's announcement of liquidation this week has also significantly impacted the crypto market.

New Delhi: The cryptocurrency market was trading higher on Wednesday despite the latest CPI data suggesting inflation numbers have been higher in February so far than in January 2023. Bitcoin (BTC) rose 1.8% to $22,155 and BTC volume stood at approximately $26.97 billion, rising 17.89% in the last 24 hours. Ethereum (ETH) was above the $1,550 level. «Most cryptocurrencies rose in the past 24 hours following the release of the U.S Consumer Price Index (CPI) data for January where inflation fell less than anticipated. Bitcoin made a recovery from recent lows and is presently being traded above the US$22,000 level, with its next resistance level situated at US$22,260, and its support level at US$22,000. Nevertheless, despite the slight gains, the overall market momentum is marginally bearish,» Edul Patel, Co-founder and CEO of Mudrex said. Other top crypto tokens were also trading higher on Wednesday. Cardano rose 8% while Dogecoin, Polygon, Shiba Inu and Solana also logged gains.

Merge' by the crypto community. 'The merge' will shift Ethereum to a proof-of-stake (PoS) mechanism from its existing proof-of-work (PoW) mechanism, making it more energy efficient and carbon effective. Vikram Subburaj, CEO, Giottus Crypto Platform, said that the Merge will change the consensus mechanism but it will not increase the capacity of the Ethereum network. Merge may lead to forked chains similar to Ethereum Classic (ETC) that split from Ethereum in 2016," he said.

US Fed chair Jerome Powell's vow to push interest rates to higher spooked traders. However, after dropping below $20,000, its key support and psychological level, Bitcoin flexed its muscles to rise more than 3 per cent to regain the $20,500 mark. Ethereum rose about 10 per cent to race past the $1,600 mark and recover all the weekly losses. The second-largest crypto token has been in the news over the blockchain’s ambitious software upgrade — 'The Merge.' The green days must be taken with a pinch of salt, warned Sathvik Vishwanath, Co-Founder and CEO, Unocoin. «The next couple of days are expected to be slang higher.»

One such example is Dogecoin (DOGE), the most significant meme token, which continues to remain in the news thanks to the push from Elon Musk, fondly known as the 'Doge Father' by the masses. The token has rallied over 13 per cent in the last 24 hours to $0.07768 from $0.06858, the data from Coinmarketcap suggested, with its market cap scaling more than the $10.3 billion mark.

After the announcement of layoffs from Crypto.com and BlockFi plan, another global exchange Coinbase has announced to vacant its chairs from the offices across the globe. Crypto exchange Crypto.com and lending platform BlockFi plan to cut a total of more than 400 jobs, whereas Coinbase announced to layoff as many as 1,100 employees or 18 per cent of its workforce on Tuesday.

Crypto investors must have heard about Proof of Work (PoW) and Proof of Stake (PoS), the two different mechanisms to validate crypto transactions. They are an essential component of blockchain technology and security. All decentralized blockchains like Bitcoin or Ethereum require computers to 'prove' their presence on the network to validate transactions. PoW and PoS are the most prominent ones among them. Both are known as consensus mechanisms — the standardized and trusted way of how the blockchain’s nodes. Despite being different, both mechanisms ensure honest transactions and reduce fraud.

Terra (LUNA) has laid out a revival plan. The crypto token wiped out almost the entirety of investors' wealth in just a few hours.Terraform Labs founder Do Kwon proposed a “Terra Ecosystem Revival Plan,” and the plan was shared in terra community forum. According to Kwon’s 'Revival Plan,' which aims to restart the entire Terra blockchain, with network ownership getting distributed entirely to UST and LUNA holders through 1 billion new tokens.

Crypto asset management platform, Mudrex, has registered a 2,400 per cent increase in its user base for the first quarter of 2022, making it the largest crypto index investing platform. Indian users contributed the most to this growth with a contribution of more than 80 per cent. Founded in 2018, Mudrex curates investment solutions and automates investing products for the average investor for long-term wealth creation. Y-combinator backed Mudrex is known for its systematic approach to familiarizing crypto investments, with a decent product portfolio including Mudrex Coin Sets.