New Delhi: Aimed to woo retail players, crypto asset management platform Mudrex has launched ‘coin sets’ allowing investors to invest in a variety of mutual-fund style crypto products.
It is the first time that such a product has been launched for retail investors. Such investment products were earlier available but accessible only to HNIs and institutional investors.
Y Combinator and Nexus VP-backed Mudrex is trying to simplify crypto investment by building an easy-to-use product for smaller investors.
Coin Sets are the basket of crypto tokens, which will be based on a particular theme and investors believe this idea can gradually play on it, growing wealth in the long run.
For example, the coin set named as ‘DeFi 10’ will include top 10 DeFi (Decentralised Finance) tokens. Similarly, the coin set of ‘NFT’ will be a basket of the top NFT projects.
The coin sets are created and managed by experts from the Mudrex team. The team will take care of fund allocation, weightage, order execution and periodic rebalancing.
The product will help investors manage potential risks by diversifying their portfolios into different cryptocurrencies and reap above-average returns.
Edul Patel, CEO & Co-founder of Mudrex, said the platform is looking to bring ease and simplify investing in crypto for new investors. Coin Sets is a product that will allow investors to mitigate risks by diversifying investment in cryptocurrencies.
“It is a mutual fund-like product with a better risk-reward ratio, curated suitably for investors who look at crypto investments as a long-term wealth creation option. The product is likely to boost retail participation in cryptos,” he added.
With an asset under management of more than $15 million, Mudrex recently raised $2.5 million funding from Nexus Venture Partners, Village Global, Kunal Shah and others. Launched in 2018, Mudrex has a user base across 90 countries.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
