Bullish on stablecoins for India’s payments system
The Patel-led company is also bullish on stablecoins and sees them as the future of India’s payments system. India is the world’s largest remittance market, receiving more than $129 billion in 2024. Yet, the cost of transferring money from overseas remains high, around 3% to 7%, amounting to $3.72-$8.68 billion annually in fees, conversion charges, and payment processing costs. Stablecoins could change that, asserts Patel.
He says the country’s fintech ecosystem, which includes over 10,000 startups and is projected to reach a $420 billion market size by 2029, can use the emerging infrastructure to build Web3-based financial products. “A regulated stablecoin market could empower Indian fintechs to build on safer, interoperable infrastructure.”
Patel informs that Mudrex supports the widest variety of crypto assets available to Indian users, over 650, more than platforms like Binance, YBuild, or Coinbase. It also offers over 500 different futures contracts, seamless crypto deposit and withdrawal options, and instant transfers via UPI and NPS directly to bank accounts.
Security boost post-WazirX incident
In October 2023, WazirX, which was India’s biggest crypto exchange, faced a security breach where hackers siphoned off over $230 million in crypto assets due to compromised private keys linked to self-custodied wallets, which were being managed by the exchange.
After the WazirX incident, says Patel, the industry rallied to improve security standards. The Bharat Web3 Association, of which Mudrex is a key member, formed a group of CISOs (Chief Information Security Officers) to establish best practices and help smaller players strengthen their systems. “Unlike WazirX or Bybit, which manage custody themselves, we use global insured custodians, specialists who also work with Binance and other large institutions. This gives us access to their infrastructure, certifications, and insurance coverage, making Mudrex a much more secure platform for users.”