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Mudrex, an Indian cryptocurrency investment platform, is gearing up to introduce U.S. spot bitcoin ETFs to institutional and retail investors across India.
CEO and co-founder Edul Patel announced the plan, highlighting the significance of this move for institutional investors.
Breaking Ground in the Indian Crypto Market
With listing four spot ETFs - BlackRock, Fidelity, Franklin Templeton, and Vanguard - Mudrex is set to lead the way in providing this innovative investment avenue.
Mudrex, headquartered in California and backed by Y-Combinator, operates a subsidiary registered with the Intelligence Unit of India. Additionally, it has established a presence in the European Union with licenses in Lithuania and Italy. Patel explained that while the actual transactions will be processed through broker partners in the U.S., Mudrex's Indian subsidiary will facilitate the spot-bitcoin ETF service.
Crypto Regulations
This development is significant given the complex regulatory environment surrounding cryptocurrencies in India. The Reserve Bank of India (RBI) has maintained a cautious stance on crypto. At the same time, the government's Finance Ministry, through its Intelligence Unit, has registered over two dozen Indian crypto service providers and imposed stringent taxes on the sector.
Patel highlighted the regulatory framework governing overseas investments for Indian investors, particularly under the Liberalised Remittance Scheme (LRS).
According to Coin Desk, he emphasized that the spot bitcoin ETFs will enable users to diversify their portfolios within the bounds of regulatory guidelines.
Facilitating Investment Opportunities
Mudrex aims to simplify overseas investments for Indian investors by facilitating access to spot bitcoin ETFs on its platform. The investment threshold ranges from a minimum of $5,000 to a maximum of $250,000, aligning with the guidelines outlined by the Reserve Bank of India.
Patel expressed optimism about the response from institutional investors, with approximately 20 institutions already in the process of joining Mudrex's platform. He anticipates significant volumes, with an average ticket size of $110,000, reflecting growing interest in cryptocurrency investment opportunities in India.
Bitcoin and General Crypto Market
Based on a Coingape report, in the past 24 hours, the price of BTC has surged by 4%, currently standing at $71,597. The lowest recorded price was $67,194 during this period, while the highest reached $71,830. Moreover, a notable 70% increase in trading volume over the last 24 hours indicates a growing interest among traders.
Amid renewed sentiment and diminishing macroeconomic impact, Bitcoin continues its upward trajectory, reaching new all-time highs. Coinglass data shows a trend of traders favoring long positions on both Bitcoin and Ethereum. Bitcoin analyst Willy Woo has made an optimistic prediction, suggesting that BTC's price could soar to the upper limit of $337,000, particularly noteworthy given Bitcoin's recent surpassing of the $71,000 mark.
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