At a $1+ trillion market cap, crypto is the fastest growing asset class in the world. The cryptowave is creating ripples in India too with the millennial working class now increasingly including crypto to diversify their portfolio.
For this week’s startup feature, Analytics India Magazine spoke to Edul Patel, cof-ounder & CEO of Mudrex, to understand how the fintech company helps people invest in cryptocurrency. To date, the company has earlier raised $ 750K in pre-seed funding from Y Combinator, Better Capital, Woodstock Fund etc.
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Rohit Goyal, Edul Patel, Prince Arora and Alankar Saxena launched Mudrex in early 2018. The US-headquartered and Bengaluru-based fintech startup automates the trading process in the 24×7 live crypto markets.
1| Mudrex Build
Mudrex Build provides three core features to trades. The traders can create their trading strategy and allocate their funds using these features. The best traders on the platform can submit their algorithms to be listed on the Mudrex Invest. Mudrex then checks it for reliability and risk management. Later, the approved algorithms are published in the public marketplace. The three core features are-
- A simple yet powerful no-code editor to create trading strategies
- State-of-the-art analytics and portfolio management platform to evaluate trading strategy
- Historical and real-time data along with lightning-fast execution to help traders test and deploy their strategies.
2| Mudrex Invest
As an Investor, Mudrex helps users earn passive income by allocating funds across
multiple algorithms for consistent yield.
On the frontend, the company built everything on React JS. The backend is much more complex and includes a number of technologies:
- All persistent data is stored in MySql
- All the Time Series data is stored in Mongo using a special time series storage and retrieval system called arctic
- Immediate data is stored in Redis for quick fetching
- The company also use flat-files for storing other forms of data where static info is needed
For API requests
- Mudrex uses Kong as the API gateway and the primary layer.
- From there, API requests get routed to various EC2 servers via a load balancer
- Stack is built on Python, Node and Java where required. Also, a complete microservices archive helps the company to scale in a fast manner.
- EC2 servers power the bulk of the API compute
- For all time-based tasks (data fetching, indicator, strategy calculations etc), Mudrex uses AWS lambda extensively
The fintech startup has a maker and a checker system critical for system reliability and alerting. Patel said, “The above was our maker system hosted on AWS. Our entire checker system is intentionally set up separately on Azure to make sure system performance is separated. The checker system is built on top of the ELK stack. We have also worked on costs and at our scale and level of computing, monthly tech costs are now ~5k (down from 10k 8 months ago).”
“We want to grow 20 times in the next 12 months. Our product is ready and so is our core business and now we want to build strong distribution pipelines and complementary products to create lasting moats. There is already a lot of demand, but we have been unable to fulfil it because of resource constraints. This is why most of our capital is earmarked for building a larger team. Over the next five years, asset management in crypto will become an annual $10 billion business. We plan to capture a significant portion of it,” said Patel.