📣 American Bitcoin ETFs Make Their Way to India
posted 11 Mar 2024
American spot Bitcoin ETFs are set to become accessible to Indian users through the Mudrex cryptocurrency investment platform, backed by the venture capital fund Y Combinator. Initially, only the four most popular ETFs from BlackRock, Fidelity, Franklin Templeton, and Vanguard will be offered for sale.
All transactions will be facilitated through American partner brokers. The minimum investment threshold is set at $5,000, with a maximum of $250,000. According to Mudrex CEO Edul Patel, this platform will be the pioneer in offering such services to both institutional and retail investors alike.
However, this venture comes with its risks, considering the Indian regulators' and government's skeptical stance towards cryptocurrencies. They previously rejected the launch of a domestic Bitcoin ETF citing high risks. Nonetheless, a department within the Ministry of Finance continues to approve other crypto services.
Patel argues that Bitcoin ETFs work as securities accessible to all citizens under the law, and the government cannot limit this right due to its association with cryptocurrencies. Mudrex anticipates an inflow of approximately $110,000 from each corporate client.
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