Mudrex Coin Sets can make Cryptocurrency Investments Easy: If you are going to invest in Cryptocurrency for the first time, then you might have some trouble understanding it. New investors may find it difficult to understand its risks and volatility and choose a coin. Also, it may be difficult for new investors to decide which coin will give them the best return on investment. However, currently bitcoin is being preferred the most by the investors. But in the greed of high returns in a short time, often new investors make mistakes, due to which they suffer big losses.
To solve this problem of first-time investors going to invest in cryptocurrencies, Mudrex, a global cryptocurrency asset manager based in Bengaluru, has launched a crypto scheme. This crypto scheme is like a mutual fund and it is named Coin Sets. This scheme allows users from other countries including India to invest a certain amount in several theme-based crypto coins. FE Online has interacted with Edul Patel, CEO and Co-Founder of Mudrex. Through this conversation, we try to understand how coin sets have performed since launch and how it works. Apart from this, we have also discussed the rules related to this and the risk on new schemes.
What do mutual funds and coin sets have in common?
Edul Patel: Coin Sets are a basket of tokens based on a specific theme, managed and re-balanced by the Mudrex team. It has been made as easy as mutual funds, so that users can invest in a single click. Investors can invest through this without worrying about the exact token to buy and how much to buy. You can think of coin sets like an index fund. Just like, in Nifty 50 you have a basket of stocks, similarly in coin sets you have a basket of tokens/coins. There is no active buying and selling in Coin Sets.
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In mutual funds, we know the fund manager. Who Manages Coin Sets?
Edul Patel: The fund manager of coin sets is the Mudrex team. We mention this on the site. With time, we are adding more and more information about the team and fund manager in this.
How have coin sets performed so far?
Edul Patel: Coin sets have received tremendous response so far. Around 3000 users have invested in these coin sets in the last one month. The total amount invested through coin sets will be around $5-6 million.
How much has been the return?
Edul Patel: Coin sets have performed well so far, which is a great thing for the users.
Aren’t the APY claims on your website misleading?
Edul Patel: Coin sets offer market-linked returns. What we are showing is the returns of last 1 year. The truth is that the returns in the last 1 year have been really high. But we are not claiming that investors will get this much return in future also. Every user who is live on the platform can view the live returns. Some of the coin sets that I have invested in have given 80-90 per cent returns in the last one and a half months, which is very good, but there is no guarantee that it will generate that much return in the future.
How do you decide on a theme for a coin set? Who decides?
Edul Patel: The theme is decided based on conversations with our users on the Discord community and other popular channels. Users tell us that they want to invest in themes like DeFi or NFT etc. This is how we get advice from investors. Once the theme is decided, our in-house quant team looks at all the different tokens available within that theme and then selects them based on different parameters. These criteria are –
- How trustworthy is the team behind Particular Coin
- How trustworthy is the community behind the coin
- what is market cap
- Where is it available and whether it is readily available for trading on different exchanges.
That’s why we only look at trusted verified projects. Our aim is to ensure that the users are able to generate returns in the long run.
Are users’ money safe in Coin Sets?
Edul Patel: Like mutual funds, coin sets are also subject to market risks. If the market goes up then you can get very high returns. When the market goes down your returns will be less.
How safe is Mudrex Wallet
Edul Patel: Actual Core Wallet is hosted in partnership with Binance and BitGo. Only entry and exit can be done from Mudrex infrastructure and Mudrex IP. No one in the company has access to the funds.
What if the government takes a negative stance on this?
Edul Patel: It will depend on the government’s stand on regulation. But I am sure that if necessary, we can help our users to exit crypto.
So even after the negative attitude of the government, will people’s funds be safe?
Edul Patel: Yes. We can help people find out how they can exit crypto in case of a negative trend. Users’ funds will always be safe.
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New Coin Sets & Plans
Edul Patel: Three new coin set themes are being launched – Metaverser, Decentralised Autonomous Organizations (DAOs) and Gaming. These new themes are going to be launched by the end of this week. We are also working on direct bank account integration, which will go live by the first week of December. In this, users will get the facility to deposit INR directly in Mudrex wallet.
Should new crypto users include coin sets in their portfolio?
Edul Patel: Absolutely. If anyone is interested in crypto, I would recommend getting started with it. Today, if someone is interested in crypto, then he goes and buys bitcoin directly. Now buying bitcoin is like buying Reliance stock. We know that if the market continues to perform well, it will give good returns in the long run. But this is not the best way to invest, as holding just one stock is quite risky. If someone is interested in crypto, I usually tell them to invest in blue chip coin sets instead of buying bitcoins. This includes not only bitcoin but all top 5 cryptos, which will help generate better and diversified returns.
But the investing limit in blue chip coin set is too high (300 USDT)?
Edul Patel: We are working to allow users to start investing in coin sets with as little as $10 by the end of this month. Later it will be reduced to 1 dollar. We are also working on a facility like SIP.
How much is the fee to be paid?
Edul Patel: There are no fees for transferring USDT from Binance to Mudrex wallet. You may see fees on Binance, but in reality no fees are charged in it.
(Article: Rajeev Kumar)
(Suggestions/recommendations regarding cryptocurrencies in this article are given by the respective commentators. Financial Express Online takes no responsibility for their advice. Please consult your financial advisor before transacting/investing in cryptocurrencies.)
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