In a rare bullish sign for the struggling Indian crypto industry, investment platform Mudrex has successfully registered to operate in Italy and started the approval process in the UK, CEO Edul Patel revealed in an exclusive interview. This international expansion defies the global crypto winter and makes Mudrex one of the only Indian crypto firms to push globally amidst harsh domestic taxes.
"Half our team is working on international expansion," said Patel, detailing the company's ambitious global plans. Mudrex, which boasts over 1 million registered Indian users, was approved for registration with Italy's mandatory Organismo Agenti e Mediatori (OAM) regulatory body on September 1. However, Patel delayed announcing the milestone until now.
With innovative index fund products like Coin Sets and thematic offerings, Mudrex aims to provide diversified crypto exposure as an alternative to speculative trading.
Globalizing a Unique Indian Crypto Product
Despite having just 1 million users, Mudrex is among India's largest platforms offering indexed crypto investing. Its Coin Sets feature broad market, BTC, ETH, small, mid, and large-cap indexes. The thematic sets include layer one, layer two, NFT, metaverse, and Dow cryptos.
"While India is our base and where we grew up, customers abroad told us investment products there are all the same," explained Patel. "We believe that our product is unique and has some very different offerings."
Mudrex chose Italy after surveying EU nations' crypto sentiments. Italians showed high risk appetite, savings, and crypto knowledge - ideal for Mudrex. "We shortlisted through this research but Italy gave us the best results on the ground," noted Patel.
Leveraging Prior EU Licensing
Registering in Italy was easier thanks to Mudrex's prior EU licensing in Lithuania less than a year ago. In just 6 months since starting the Italian approval process, Mudrex expanded its EU user base from 5,000 to 17,000.
"Now we can offer our investment products via all other registered entities like banking partner apps and we are in talks with them," Patel revealed.
Decentralization Can Empower Consumers
Mudrex's global expansion highlights the potential of decentralized finance (DeFi) to empower consumers worldwide. By cutting out financial middlemen, blockchain-based platforms like Mudrex can offer unique products without geographic restrictions. This masks Mudrex's India roots, allowing it to compete based on merits rather than perception.
If DeFi achieves mainstream adoption, consumers everywhere could access previously unavailable financial instruments. Innovation would accelerate and legacy inefficiencies could fade. Mudrex's early success abroad shows decentralized finance's global appeal.
Italian Crypto Interest Rising Despite Gloom
That an Indian crypto startup sees opportunity in depressed markets like Italy highlights surging crypto interest despite recent gloom. This parallels early internet days when visionary firms expanded amid dot-com busts. Cryptocurrency is experiencing inevitable volatility on its path to maturity.
Likewise, early cars were inefficient until infrastructure and technology improved. Yet visionary companies still capitalized on long-term potential. Mudrex apparently has similar foresight about crypto's trajectory. Its success will depend on execution, but the vision is rational given crypto's parallels to past disruptive technologies.
Historic Examples of Innovation Amid Adversity
Mudrex expanding abroad amid crypto downturns mirrors other innovators flourishing during adversity:
Renaissance Emerging From The Black Death
The tragic Black Death pandemic in 14th century Europe killed millions, upending society. Yet this suffering planted seeds for the Renaissance's intellectual and artistic explosion. Adversity inspired innovation.
1920s Artistic Movement After War
World War I's devastation prompted an cultural rebirth. 1920s Paris saw literary greats like Hemingway and Fitzgerald alongside artistic pioneers like Picasso and Matisse. Hardship spawned creativity.
Silicon Valley's Rise From 1970s Stagnation
Economic malaise in 1970s America prompted Silicon Valley's rise. Innovation thrived as visionaries invented the personal computer and promising startups like Apple emerged. Crisis spurred progress.
Could Better Crypto Education Have Prevented Recent Losses?
Many newcomers have suffered losses recently as crypto prices plunged. Education could have prevented some mistakes. Beginners should understand crypto's volatility, avoid hype-driven speculation, and diversify holdings. Resources like CoinMarketCap offer objective market data for analyzing assets. Investopedia provides free educational resources on crypto basics. Following investing principles over influencer shills can mitigate rookie mistakes. Patience and disciplined, diversified investing based on research lessens risky speculation.
Will Current Crypto Struggles Strengthen Future Resilience?
While painful, crypto's recent struggles could bolster future resilience. This bear market will test projects on merits rather than hype. Companies like Mudrex building real-world utility likely will prosper. Withstanding downturns requires determination and vision - qualities that strengthen organizations. The long-term timeline for mainstream crypto adoption remains intact. Current headwinds encourage prudent foundations and temper speculation, potentially accelerating maturity. If crypto survives, which history suggests likely, the future looks bright.