Breaking: Mudrex Offers Indian Retail & Institutional Investors Access to US Spot Bitcoin ETFs
Highlights
- Mudrex plans to use Liberalised Remittance Scheme route to offer Indian investors access to US spot Bitcoin ETF.
- Mudrex to offer services to its users with a minimum investment of $5,000 into spot Bitcoin ETFs.
- COO Edul Patel says they are the first Indian crypto platform to offer this service.
Mudrex, a U.S.-headquartered crypto investment firm based in India, plans to offer Indian investors access to U.S. spot Bitcoin exchange-traded funds (ETFs). This will not only enable Indian investors to invest in Bitcoin security via financial giants such as BlackRock and Fidelity but will also help spot Bitcoin ETFs to capitalize on the potential in India.
Mudrex is a 100% compliant with Indian regulations and registered with Financial Intelligence Unit (FIU) of India. It allows users to invest in over 350 crypto and crypto baskets, with actionable insights.
Indian Investors Can Invest in US Spot Bitcoin ETFs
Indian investors can buy crypto ETFs through Indian exchanges or through the Liberalised Remittance Scheme (LRS) route, which will incur a 20% tax collected at source (TCS) on remittance. Mudrex plans to use the route to offer the services.
With $250,000 in a year as a limit in LRS, Mudrex plans to offer the advantage of investing in spot bitcoin ETFs with a minimum investment of $5,000 and a maximum of $250,000. Whereas, when investors use crypto exchanges in India, it involves a 1% TDS on transfer of crypto assets and a 30% tax on profits.
Edul Patel, CEO and co-founder of Mudrex, in an interview with CoinDesk said “We are certainly the first Indian crypto platform to offer this service. The LRS is the tricky part for most people and over there (in the U.S.), because we also have strong banking relationships, we’re able to help users do these transactions in a very seamless way, and that’s why these services are important.”
Patel added that the service will be more valuable to institutional investors. The first four spot Bitcoin ETFs in the plan include BlackRock iShares Bitcoin ETF (IBIT), Fidelity Wise Origin Bitcoin ETF (FBTC), and Franklin Templeton Bitcoin ETF (EZBC).
Also Read: Ripple CTO Spotlights XRP’s Gradual Appreciation Potential Amid Price Slump Concerns
BTC Price Gains Momentum
BTC price jumped 4% in the past 24 hours, with the price currently trading at $71,597. The 24-hour low and high are $67,194 and $71,830, respectively. Furthermore, the trading volume has increased by 70% in the last 24 hours, indicating a rise in interest among traders.
Bitcoin continues to hit new highs amid renewed sentiment and declining macro impact. Traders are going long on Bitcoin and Ethereum as per Coinglass data. Bitcoin analyst Willy Woo predicted that BTC price can hit the upper bound of $337k as Bitcoin surpassed over $71K.
Also Read: Bitcoin (BTC) Price Breaches Above $71K, ETH Clinches New High, Here’s Why
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