COIN SETS: A Mutual Fund-Like Crypto Investment Product Launched By Mudrex
- ByStartupStory | October 19, 2021
Mudrex, a global crypto asset management platform backed by Y Combinator and Nexus VP, launches “Coin Sets”. The coin sets will, for the first time, allow retail investors to invest in a variety of past mutual fund-style crypto investment products available only to HNIs and institutions. With this product, Mudrex continues its vision of simplifying crypto investing by creating a user-friendly product for retail investors. The new offering allows investors to diversify their asset portfolio through a range of high-value decentralized financial assets, or DeFi, as well as non-fungible tokens or NFTs.
According to Edul Patel, CEO and co-founder of Mudrex, Coin Sets is one such product that allows investors to reduce risk by diversifying their investments into cryptocurrencies. It is a product similar to a mutual fund with a better risk-return ratio. The product is designed to expand retailers’ participation in crypto investments, suitably organized for investors who view crypto investments as creating long-term wealth.
The coin sets are themed baskets of crypto tokens and allow users to invest in ideas they believe in to increase their wealth in the long run. To illustrate, the “DeFi 10” coin set contains the ten best decentralized financial (DeFi) coins available today. The coin game “NFT” on the other hand is a collection of the six main Non-Fungible Token (NFT) initiatives. Experts from the Mudrex team develop and manage the goods. Mudrex also takes care of allocation, order fulfilment and periodic rebalancing to make the user experience seamless.
The aim of the product is to increase the number of retail crypto investors and is designed to meet the needs of these investors.
Launched in January 2018, the San Francisco and Bengaluru-based organization recently announced a $2.5 million funding round led by Nexus Venture Partners, with the participation of Village Global, Kunal Shah, Anand Chandrashekharan and Anjali Bansal.
A total of $750,000 has been funded so far by Y Combinator, Better Capital, Woodstock Fund and angel investors such as Nitin Sharma and Anupam Mittal. As it stands, the platform has 40,000 active users and $15 million in assets under management (AUM), a 30% MoM growth over the past ten months. More than 90 countries use Mudrex.
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