Indian cryptocurrency exchange Mudrex is aiming to hit $1 billion in trading volume in the coming years amid global expansion plans. In an exclusive conversation with UnoCrypto, Edul Patel, Co-founder & CEO of Mudrex said “In the upcoming years, we plan to increase our presence in other parts of the world and are constantly looking into new expansion prospects.”
Mudrex’s upbeat trading volume forecast comes on the back of the skyrocketing growth that the crypto exchange has seen in 2024.
According to an official press release, the platform’s revenue and trade volume this year increased tenfold. The volume of crypto traded on Mudrex increased from $10 million to $100 million in 2024 which is a 10X growth.
Mudrex Eyes European Market Expansion
Mudrex has successfully received regulatory registrations to operate in Italy and the European Union last year. The crypto exchange is now planning to expand further in the region.
“In Italy, we obtained an Organismo Agenti e Mediatori (OAM) license, and in the EU, we obtained a Virtual Asset Service Provider (VASP) license. We have started expanding our offerings in these markets with these regulatory permissions,” Edul Patel added.
At the moment, Indian users make up about 80% of Mudrex’s user base, and 20% reside in Europe.
Edul Patel also adds “In addition to strengthening our core market in India, we hope to accelerate growth in this region through localized services, strategic collaborations, and improved user experience.”
Mudrex’s Europe expansion plans come at a time when the region is seeing a significant rise in crypto userbase. According to a recent Chainalysis report, the second-largest cryptocurrency economy in the world after North America is Central, Northern & Western Europe (CNWE). The region received $987.25 billion in value on-chain between July 2023 and June 2024, which accounted for 21.7% of the total number of transactions worldwide.
Crypto activities have increased in the majority of CNWE countries, averaging 44% year-over-year (YoY) growth.
Mudrex’s Sees Tenfold Growth In 2024
In 2024, the international cryptocurrency investment platform experienced impressive growth in a number of important areas. Over the previous year, the Mudrex’s revenue and trade volume increased tenfold. Its user base has been expanding quickly, which has helped to account for 40% of the monthly rise in new users.
According to the most recent SemRush data, the platform also had a notable increase in organic traffic throughout the previous 12 months.
The platform attributes its growth to its dedication to educating customers and increasing knowledge about cryptocurrency so they can make informed decisions, in addition to the fact that we are fully compliant in India and Europe.
Edul Patel adds “Over the past two years, we’ve dedicated ourselves to simplifying the investing and trading process through our unique product offerings, ensuring it’s accessible to both newcomers and experienced users alike.”
He added: “A crucial part of this journey has been actively listening to user feedback and continuously improving our platform based on their needs.”