Mudrex Opens BTC ETF Investments for Indians with Minimum Commitment of $5,000

Ever since BTC ETFs were approved in the US this January, the cryptocurrency has seen a massive inflow of capital from investors.

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 11 March 2024 18:39 IST

Mudrex Opens BTC ETF Investments for Indians with Minimum Commitment of $5,000

Mudrex is first listing BlackRock, Fidelity, Franklin Templeton, and Vanguard ETFs

Highlights

Mudrex’s maximum investment for ETFs stands at $250,000
ETFs let people trade in BTC through traditional exchanges
Mudrex mandates KYC completion for ETF-trying Indians

Members of India's crypto community can now invest in spot Bitcoin ETFs (exchange-traded funds) through Mudrex. The Indian crypto investment platform announced the roll-out of this service on its app on Monday, March 11. Both, retail as well as institutional investors will be able to use this service to engage with Bitcoin trading without having to create an account on an exchange and purchase the cryptocurrency. Ever since BTC ETFs were approved in the US this January, the cryptocurrency has seen a massive inflow of capital from investors.

ETFs track the value of the underlaying asset, and they trade on traditional market exchanges rather than crypto exchanges. This lets people engage with Bitcoin without having to register with a crypto platform.

Mudrex, in its announcement said, it decided to bring this service to the platform after seeing repeated demands from its users. The minimum amount for people to start investing in BTC ETFs on Mudrex stands at $5,000 (roughly Rs. 4.13 lakh) whereas the maximum amount could be $250,000 (roughly Rs. 2 crore). While this amount could be manageable for retail and institutional investors, it could be a large financial undertaking for individual investors.

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For starters, the platform will let Indians invest in four spot ETFs -- BlackRock, Fidelity, Franklin Templeton, and Vanguard.

“Investors can choose between systematic investment plans (SIP) or lump-sum investments, aligning with their financial goals. Mudrex lets investors choose individual spot ETFs, create a personalised basket, or opt for pre-listed options depending on market capitalisation,” the company said in its official announcement.

People who wish to experiment with investments in BTC ETFs, will first need to complete their KYC with the platform.

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“We aim to empower investors with the flexibility to invest across a diverse range of crypto products, offering a seamless and accessible avenue to navigate the dynamic digital asset landscape,” Edul Patel, CEO and Co-founder of Mudrex said in a statement.

In a historic development, the US SEC finally gave the green signal to 11 Bitcoin ETF applications in January this year. The ETFs listed in the US had reportedly clocked $4.6 billion (roughly Rs. 38,065 crore) worth of shares trade hands within the first 24 hours.

The approvals of these BTC ETFs have played a vital role in setting Bitcoin's value to spike to its current pricing of $69,225 (roughly Rs. 57.2 lakh). Bitcoin is now rapidly moving towards making a new all-time high.

India could also see the approval of ETFs for BTC an ETH in the coming days. In January this year, a memorandum of understanding (MoU) has reportedly been signed between Torus Kling Blockchain IFSC and India INX to launch the first Bitcoin and Ethereum futures ETFs, outside of the US. India INX is the country's first international stock exchange platform.

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Further reading: Cryptocurrency, Mudrex, BTC ETFs, Exchange Traded Funds

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More