California-based Mudrex, which has a subsidiary in India, has announced plans to introduce US spot Bitcoin exchange-traded funds (ETFs) to the Indian market, pioneering a service previously only available to retail customers.
Indian Crypto Investment Platform Mudrex to Offer US Bitcoin ETFs to Indian Investors
Mudrex, a Y-Combinator-backed cryptocurrency investment platform, is set to revolutionize the Indian investment landscape by taking a pioneering step and offering US spot Bitcoin exchange-traded funds (ETFs) to both institutional and individual investors.
While retail clients in India were previously able to access spot Bitcoin ETFs through US equity investment firms, Mudrex aims to appeal to institutional investors and marks a significant advancement in the Indian crypto investment sector, according to CEO and co-founder Edul Patel. “We are definitely the first Indian crypto platform to offer this service,” Patel said.
The first phase of the plan involves listing four spot ETFs, including BlackRock, Fidelity, Franklin Templeton and Vanguard.
Mudrex will oversee the facilitation of these ETFs for Indian investors through its subsidiary registered with the Financial Investigation Agency of India. Patel explained that the actual transaction process will be conducted through broker partners in the United States.
The move comes amid a nuanced regulatory environment in India, where the Reserve Bank of India (RBI) has taken a cautious stance on cryptocurrencies, while the Ministry of Finance's Financial Investigation Branch has taken steps to regulate and tax the sector.
Patel acknowledged the regulatory split but highlighted the availability of spot Bitcoin ETFs under India's Liberalized Remittance Scheme (LRS), allowing users to diversify their portfolios.
*This is not investment advice.