Mudrex Announces Rewards for Crypto Holders via New ‘Earn’ Initiative: Details

In the first phase of the roll out of this service, Mudrex has listed 50 cryptocurrencies holding which can earn up to ten percent rewards for the holders.

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 11 June 2024 16:09 IST

Mudrex Announces Rewards for Crypto Holders via New ‘Earn’ Initiative: Details

Photo Credit: Pixabay/ WorldSpectrum

Mudrex claims its Earn initiative has garnered 5,000 users during its beta stage

Highlights

Mudrex is registered with the Financial Intelligence Unit (FIU) in India
Mudrex has obtained Virtual Asset Service Provider license in India
The crypto firm wishes to keep userbase stable amid regulatory delays

Mudrex, a Web3 firm that offers crypto investment services, announced a new reward initiative for its userbase in India on Tuesday, June 11. Called ‘Earn', this service will let Mudrex users earn up to 10 percent annual income on their crypto holdings without any lock-in period. The crypto community in India is taking gradual steps towards engaging with the sector given the nation's sceptical approach on digital assets. Mudrex's fresh initiative seems to be a move aimed at retaining Indian users on its platform.

In the first phase of the roll out of this service, Mudrex has listed 50 cryptocurrencies including Bitcoin, Ether Solana, Cardano, and Polygon -- holding which can earn up to ten percent in rewards for the holders. The reward percentage for holding each of these different cryptocurrencies differ.

“To participate in Earn, users need to maintain a minimum balance of the supported coins in their Mudrex wallets. By engaging in a mix of short-term ventures such as margin funding and allocating funds into secure, long-term DeFi protocols, Mudrex attempts a steady flow of fixed annualised returns from minimum 0.023 percent to maximum 10 percent on their investments,” the company said in its statement.

[Sponsored] Samsung Galaxy S24: The Ultimate Camera Phone With Smarter On-Device AI

The crypto community in India has swelled to a userbase of 19 million, a report by CoinSwitch had estimated in December last year. Almost 75 percent of the crypto holders were aged between 18 years to 35 years. Owing to India's crypto tax laws however, the density of India's crypto userbase is prone to seeing highs and lows.

In a separate report same month, WazirX claimed that it saw a drop of 90 percent in crypto trading volume as India awaited clarity in regulatory deployments.

Crypto incomes in India are taxed at up to 30 percent. The government also charges one percent TDS on each crypto transaction, a rule that has stirred negative sentiments among the investor community ever since it came into existence in 2022. Despite several urges to the finance ministry, these crypto laws remain unchanged in the country. This situation has led to many crypto players in India to come up with special offerings that could keep their users connected to their platforms.

Coinbase, Kraken Join New Industry Group to Combat Web3 Cyber Threats

For instance, in November 2023, Indian crypto exchange CoinSwitch rolled out its own ‘Earn' feature, in order to let users ‘lock-in' their crypto assets and earn rewards in the form of cryptocurrencies. The platform had said at the time, that this was the exchange's way to let its users monetise their holdings without having to sell.

Speaking about Mudrex's decision to launch this initiative, its CEO Edul Patel said, “We aim to empower our users to maximize their crypto earnings by eliminating fees and simplifying the process.”

As per the company, the beta stage of the Earn programme has already managed to attract over 5,000 users.

“We also plan to expand the range of supported coins, continuously enhancing our platform's value proposition for the users,” Patel added.

Is the Samsung Galaxy Z Flip 5 the best foldable phone you can buy in India right now? We discuss the company's new clamshell-style foldable handset on the latest episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

Affiliate links may be automatically generated - see our ethics statement for details.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: Cryptocurrency, Mudrex, India, Earn Initiative

Radhika Parashar

Email Radhika

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