What are the Features, Risks, and Benefits of Coin sets by Mudrex:
It gives market-linked returns. Edul Patel, the Co-Founder & CEO at Mudrex.com said "What we are showing is the returns in the last 1 year. And the honest reality is that in the last 1 year, returns have been actually that high."
Investment in cryptocurrencies could be perplexing for first-time users in terms of risks, uncertainties, and the choice of coins too. New users may find it very challenging to conclude which coins to pick first. Obviously, Bitcoin, the king of all coins is there. But because of the lure of quick and insane returns, new users mostly wind up losing money by investing in deceitful or “shit coins” (in terms of the crypto world).
People who know which coin to pick Mudrex, a Bengaluru-based home-grown global cryptocurrency asset manager has bought a mutual fund-like crypto scheme called Coin Sets. It allows people including those from India, to invest in several theme-based crypto coins at a time by investing a specific amount of fixed amount.
Coin Sets performance since launch, working process, risk and safety concerns over changes and new plans according to Mudrex CEO and Co-Founder Edul Patel:
How are Coin Sets similar to mutual funds?
Coin Sets are a theme-based basket of cryptocurrencies actively managed by the Mudrex experts’ team. The thought was to make a straightforward product like a mutual fund that helps people to invest in one click regardless of worrying about what coin to pick and how much to buy etc.
Coin sets are just like Nifty 50, where you have a basket of tokens instead of a basket of stocks. There is no active buying and selling in Coin Sets.
Do we know the fund's manager name in Coin Sets?
As mentioned on its website Mudrex team is the fund manager in Coin Sets. They will be adding more and more information about the fund manager with time.
What has been the user reaction to Coin Sets till now?
The user's reaction to Coin Sets has been incredible. In the course of the last month or so itself we have around 3000 users invested in these Coin Sets. The aggregate investment through Coin Sets would be near 5 million-6 million dollars now.
What are the Returns from Coin Sets?
With the crypto market generally being positive, those Coin Sets have performed all around well, which is something great for users.
Aren't APY claims on your site misdirecting?
Coin Sets give market-connected returns. What we are showing is the profits over the most recent 1 year. And the honest reality is that in the last 1 year, returns have been actually that high. In any case, we are not guaranteeing that these will be future returns. What we are showing is these are past returns. Each client who is live on the stage will see live returns. Some Coin Sets, in which I have invested, have given 80-90 percent returns over the last one month and a half, which is incredible however, obviously, it may not repeat.
How do you decide themes for Coin Sets? Who decides?
The theme actually comes by talking to the users on the discord community and other well-known channels, where users come and tell that they are looking to invest in a theme of, say Defi or NFT, and so on. Based upon this survey theme get decided.
Once the theme is decided, the in-house quant team of Mudrex looks at all different tokens available which come under that theme and then selects them on the basis of different parameters. The parameters are:
- How trustworthy is the team behind the specific coin?
- How trustworthy or versatile is the community behind the coin?
- What is the market cap?
- Where it is accessible and whether or not it is effectively accessible for exchange on various trades?
So, it only looks at trusted verified ventures. And not just any random coin. The objective is to ensure that the users are able to create wealth in the long run and not just go out and invest money in some random meme coin or “shitcoin” that will go to the moon.
Is it safe to invest in Coin Sets?
Coin Sets are also subject to market risks just like mutual funds. You might get significantly high returns assuming that the market goes up. Your profits will be lower when the business sectors go down. This is the basic risk.
Is Mudrex wallet safe and how?
The actual core wallet is hosted in association with Binance and BitGo. Only entry and exits are permitted from Mudrex framework and from Mudrex IPs. Not anyone in the company approaches the funds.
As Mudrex also use the same infrastructure as Binance, their wallets are as secure as it gets today.
What if the Government applies negative regulation on it?
On account of negative regulation, it relies upon what is the nature of the regulation. But whatever it is, Mudrex gives assurance that they can help their users to manage and figure out a way to exit crypto, if required.
Even though there are negative regulations user’s funds will be safe. As Mudrex can figure out a way to exit from crypto in case of negative regulation.
What are new Coin Sets and plans?
Three new coin sets themes are there:
- Metaverser
- Decentralised Autonomous Organisations (DAOs)
- Gaming
Also, there will be a direct bank account integration which will go live by December first week. It will allow users to directly deposit INR into Mudrex wallet.
Is it advisable for new crypto users to include Coin Sets in their portfolio?
Totally. In case somebody is interested in crypto, it is recommended to begin with this. Since what happens today is in case somebody wants ot buy crypto then they proceed to purchase Bitcoin. Presently investing in Bitcoin is the same as investing in Reliance Stock, which we all know will do extraordinary over the long run if the markets continue to do well. Yet, viably that is not the best method to invest. Since it's extremely unsafe holding only one stock. Coin Sets assist with enhancing that risk and it likewise gives exposure to a more extensive arrangement of coins in one go.
If someone is interested in buying crypto it is recommended to invest in Blue Chip Coin Sets. These coin sets include not just Bitcoin but all top 5 cryptocurrencies, which will help in getting better and diversified returns.
As of now the investment limit in the Blue Chip coin set is 300 USDT which is very high, but the team Mudrex is working to allow users to start investing in Coin Sets with as little as 10 dollars by the end of this month. Later it will be reduced to 1 dollar. They are also working on creating a SIP kind of feature.
What will be the transaction fees?
There are no fees on transferring USDT from Binance to Mudrex wallet. Binance will show you the fee but it actually never gets charged