Mudrex Rides On Generative AI Wave, Unveils Chatbot To Simplify Crypto Education

Crypto investment platform Mudrex on Monday (June 26) announced the launch of its generative artificial intelligence (AI) chatbot SatoshiGPT.

Powered by OpenAI’s GPT engine, SatoshiGPT is a free learning tool that simplifies complex topics related to cryptocurrency for its users, Mudrex said in a statement.

Users can ask questions related to digital currencies, which are then broken down by the platform to build an appropriate response that is understandable across all levels of expertise.

The service is currently available in English and Hindi, and the company plans to roll it out in other languages as well in the near future.

The platform also curates content from multiple sources to offer insights into the crypto ecosystem. Besides, Mudrex said it plans to launch an AI portfolio analyzer in the near future, which will offer personalised recommendations and help users optimise their investment strategies.

“We believe that education is the key to empowering individuals to make informed decisions in the crypto ecosystem…With the launch of SatoshiGPT, we are excited to offer a free and accessible learning tool that will expand knowledge, demystify crypto concepts, and ultimately foster confidence among users,” Mudrex CEO and cofounder Edul Patel said.

With the new launch, the company aims to ride the ongoing generative AI wave.

A Mudrex spokesperson said the startup plans to leverage AI to simplify information accessibility and safeguard users from scams.

Founded in 2018 by Patel, Alankar Saxena, Rohit Goyal and Prince Arora, Mudrex is a Y-Combinator alum that allows users to invest in cryptocurrencies. The San Francisco-based startup claims to have more than $10 Mn of assets under management (AUM) and over 5 Lakh users.

The move by Mudrex to tap into AI could likely be a move to increase user participation. Indian crypto startups have been struggling since the imposition of a taxation regime by the Centre. Besides, the ongoing funding winter and a spate of raids by the ED have further hurt the sentiment.

Making matters worse seems to be the collapse of major crypto players such as Vauld and FTX.

Despite the hiccups, the space has seen some traction lately as Cleartax recently ventured into the crypto tax calculation and filing segment. Taxnodes also bagged $1.6 Mn funding to scale its crypto tax calculation offerings.