Mudrex's founder on scaling to millions of crypto users

According to crypto investment firm Mudrex, its active users ballooned by 200% from 2023 to the end of 2024, growing from 1 million users to now more than 3 million."Mudrex has around $25 million in assets under management and 20x growth in monthly trading volumes.

This explosive growth has taken place amid regulatory uncertainty and the continued growth of retail crypto, particularly in India. In an interview with Dataquest, Alankar Saxena, Mudrex's Founder, CPO & CTO discussed the rationale for the growth, the importance of AI and education for building investor trust, and the realities of disparate crypto regulations globally.

Excerpts from an interview:

Mudrex has recorded a remarkable 200% user growth with $25M in assets under management. What were the pivotal products or growth levers that contributed to this surge?

Over the past year, we’ve experienced significant growth. Our active user base increased from 1 million in 2023 to over 3 million by the end of 2024. Monthly trading volumes surged 20x to reach $200 million, all while maintaining profitability and operational efficiency.

This growth is the result of deliberate choices. We strengthened our core by building experienced teams in compliance, engineering, and product. Their contributions brought structure and velocity to our operations. On the product side, we focused on simplifying crypto investing for first-time users. For instance, our Coin Sets—curated crypto baskets—proved instrumental in helping users invest confidently without needing to understand every asset individually.

We also invested in automation and data-driven user onboarding, which helped scale efficiently without compromising on user experience or support.

How are you adapting Mudrex’s platform and regulatory approach as you expand into markets like India and Europe?

India has always been a priority for us. About 80% of our users are based in India, and the remaining 20% are primarily in the EU. This split reflects both market demand and the long-term trust we’ve built over seven years.

We’re seeing global players re-enter the Indian market despite earlier exits due to regulatory ambiguity. That signals a turning point. We’ve built our operations to stay adaptable — implementing region-specific compliance frameworks, working closely with legal advisors, and maintaining a conservative stance until clear directives emerge.

In Europe, the regulatory environment is clearer but also more demanding in terms of reporting and compliance. So, our platform is designed with modular infrastructure, allowing us to plug in region-specific rules without having to rebuild core systems.

Given the volatility and skepticism around crypto, how does Mudrex build user trust—especially among first-time or retail investors?

In May 2024, we were alerted to scammers impersonating Mudrex. We acted swiftly, filed legal action, and by August, the Delhi High Court ruled in our favour, helping dismantle the fraud network. It was a clear stance — we will protect our users and our brand.

Beyond that, we’ve invested in proactive education. Our initiative Learn with Mudrex has become India’s largest free crypto education platform. It’s helped lakhs of users make informed decisions before investing. The content, soon available in 15+ Indian languages, reflects our belief that financial literacy should not be a barrier to access.

Trust isn't built overnight — it's a combination of security, transparency, user protection, and education. We’re committed on all fronts.

What opportunities or challenges do you foresee for crypto-based investment platforms in India’s evolving fintech ecosystem?

India’s fintech ecosystem is maturing rapidly, and crypto platforms find themselves at an interesting intersection. On the opportunity side, India now ranks among the top countries for crypto developers and Web3 contributors. There's rising interest in real-world blockchain use cases, not just trading.

The government’s push for CBDCs and the success of UPI also point to an appetite for digital financial infrastructure. If regulatory clarity improves, crypto platforms could evolve from niche players to core components of the financial system.

That said, there are barriers. Regulatory uncertainty still creates friction, and compliance expectations are rising. We’ve also seen cybersecurity risks increase across the industry. But these challenges are not insurmountable. Platforms that prioritise trust, local context, and innovation will likely emerge stronger.

How is Mudrex integrating emerging technologies like AI, data analytics, or DeFi to enhance platform intelligence and user experience?

AI has become foundational to how we operate. From fraud detection to real-time KYC verification, AI helps ensure security and compliance at scale. Every transaction and interaction is checked using AI-driven systems, which improves both speed and accuracy.

We also use data analytics to personalise the user journey—understanding behaviour, tailoring recommendations, and optimising engagement.

As for DeFi, we’re watching the space closely. We’re not rushing into it, but where decentralised infrastructure adds tangible value—be it in transparency, access, or efficiency—we're ready to integrate it thoughtfully.

From your vantage point as a founder and fintech innovator, what are the biggest operational and regulatory challenges in building a global crypto-investment platform today?

The biggest challenge is regulatory fragmentation. Different countries have vastly different rules, and many are still evolving. Even within regions like the EU, nuances in compliance can slow down product rollouts.

This means we’re constantly balancing innovation with compliance — ensuring we move fast, but not recklessly. It's not just about building a product; it's about building a globally resilient organisation that can adapt, remain compliant, and still deliver a seamless user experience.