Onboarding project | Mudrex

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Onboarding project | Mudrex

Mudrex Introduction

Level up your investment portfolio with Mudrex. This Y Combinator-backed platform lets you crack the crypto code, simplifying investing for everyone

Here's what sets Mudrex apart:

Effortless Investing: Explore over 350 cryptocurrencies or invest in curated crypto baskets built by our experts. No need to pick and choose individual coins.
Seamless Portfolio Management: Track all your crypto investments in one place and make informed decisions with our easy-to-use tools.
Start Small, Grow Big: Begin your crypto journey with just ₹100 and leverage features like rupee cost averaging (SIP) for disciplined investing.

Who are Mudrex's competitors?

ps: These are the current market leaders based on volume and monthly visits

For the Indian Market it will be Coindcx, Wazirx, Zebpay and unocoin

For international market it will be Binance, Coinbase, Bybit, OKX

User Interviews, ICP Prioritisation and JTBD Framework

User Interviews

To craft impactful user personas for the onboarding teardown, we started by talking directly to the users themselves. These interviews were deep dives into the user experience. We wanted to understand how people perceive the product, their experience with Mudrex and navigate the onboarding process.
Also a discussion around what resonates with them about the industry, product and what scares them.

Findings from Interviews : Mudrex User Interviews

User Introduction

Now lets introduce our Users of the product

The process behind identifying the ICPs was to reach out to current users of Mudrex across varied age groups and background with diverse intentions of using the product.

Through a prioritization framework informed by user interviews, we've identified several distinct investor profiles. Below, you'll find a breakdown of these profiles, each accompanied by a concise description.

1. Naman (Bangalore, Tech, 27, 1 Bull Cycle):

Demographics: 27 years old, Bangalore, India (Tech industry)
Psychographics: Moderate risk-seeker, early adopter (tech), motivated by wealth creation & long-term growth
Investment Style: Active trading & long-term holds, seeking to outperform traditional investments

Crypto Knowledge: Intermediate, comfortable with online forums & technical analysis
Mudrex Needs: Curated coinsets for diversification, secure platform & educational resources
Challenges: Keeping up with market trends & selecting the right coins
Discovery: Online research & crypto influencer reviews
Additional Info: Moderate investment experience, diverse crypto portfolio with long-term holds, long-term investment horizon, aware of Mudrex's curated coinsets & educational resources, prefers time over money for investing, spends time on online forums & research, consumes crypto news & investment guides.

2. Krish (Chennai, Freelancer, Mid-30s, Partial Bull Cycle):

Demographics: Mid-30s, US (Freelancer)
Psychographics: Moderate to high risk-seeker, early adopter (tech), motivated by long-term growth & portfolio diversification
Investment Style: Primarily long-term holds, exploring active trading
Crypto Knowledge: Intermediate, interested in industry news & analyst reports
Mudrex Needs: Secure platform & educational resources, user-friendly interface & customer support
Challenges: Feeling overwhelmed by information & security concerns
Discovery: Friend recommendation
Additional Info: Moderate investment experience, diverse crypto portfolio with long-term holds, medium to long-term investment horizon, aware of Mudrex's secure platform & educational resources, balanced approach to time vs money, spends time on industry news & networking, consumes business articles & career development content.

3. Mukesh (Jaipur, Businessman, Late 40s, New Investor):

Demographics: Late 40s, Jaipur, India (Businessman)
Psychographics: Conservative investor, laggard (tech), motivated by wealth creation (heard success stories)
Investment Style: Exploring active trading (needs reassurance)
Crypto Knowledge: Beginner, relies on newsletters & financial advisors
Mudrex Needs: Trusted brand & recommendations from friends, user-friendly interface & customer support
Challenges: Understanding technical aspects & choosing the right investment strategy
Discovery: Referred by a colleague
Additional Info: Beginner investment experience, focused on major cryptocurrencies, short to medium-term investment horizon, limited awareness of Mudrex features, financial goals prioritize ROI & early retirement, prefers a balanced approach to time vs money, spends time on business operations & family, consumes financial news & market analysis.

4. Parinay (Pune, Designer, 25, Low-Cap):

Demographics: 25 years old, Pune, India (Designer)
Psychographics: High risk-seeker, early adopter (tech), motivated by high returns (chasing "next big thing")
Investment Style: Primarily long-term holds (needs reassurance)
Crypto Knowledge: Beginner, follows crypto influencer reviews & social media groups
Mudrex Needs: Access to low-cap coins & active trading features
Challenges: Managing portfolio risk & avoiding scams
Discovery: Crypto news article & social media ads
Additional Info: Beginner investment experience, exploring low-cap coins, medium to long-term investment horizon, aware of Mudrex's access to low-cap coins & active trading features, high return goals & short-term focus, prefers time over money for investing, spends time on online forums & gaming, consumes crypto news & memecoin updates.

5. Kumar (Delhi, New Grad, 22, Low Cap & Memecoins):

Demographics: 22 years old, Delhi, India (New Grad)
Psychographics: High risk-seeker (impulsive tendencies), digital native, motivated by quick gains & fun (social media hype)
Investment Style: Active trading with high turnover
Crypto Knowledge: Beginner (hype-focused), follows social media trends & influencer promotions
Mudrex Needs: Easy-to-use platform for memecoin investments
Challenges: Identifying legitimate projects & avoiding FOMO decisions
Discovery: Shiba promotion
Additional Info: Beginner investment experience, highly speculative portfolio with memecoins, short to medium-term investment horizon, limited awareness of Mudrex features, unrealistic ROI expectations, prefers time over money for investing, spends time on social media & gaming, consumes memecoin updates & crypto news.

ICP Prioritisation

On the basis of the above collected data of different personas, Our user research identified three key investor profiles on Mudrex:

Savvy Investor: Values security, education, & long-term wealth creation.
Full Degen: Seeks high returns with low-cap & memecoins (high risk tolerance).
Steady Builder: Prioritises security & stable growth for long-term investments

Category	Question	ICP 1 : Savvy Investor	ICP 2: Full Degen	ICP 3: Steady Builder
Demographics	Age	28-35	22-27	35+
	Location	Tier 1 & 2 Cities	Tier 1 Cities	Tier 1 Cities
Psychographics & Behavior	Risk Tolerance	Moderate-High	High	Low
	Tech Adoption	Early Adopter (Selective)	Early Adopter (Enthusiastic)	Laggard
	Investment Motivation	Long-Term Growth & Portfolio Diversification	High Returns & Early Retirement	Alternate Investment & Long-Term Growth
	Research Methods	Industry News & Analyst Reports	Online Forums & Social Media Influencers	News Articles & Financial Advisors
	Investment Style	Primarily Long-Term Holds & Passive Trading	Active Trading & Long-Term Holds	Accumulation and Long-Term Holds (Needs Reassurance)
	Tech Comfort Level	Comfortable	Comfortable with Apps, Learning More	Needs Guidance & User-Friendly Interface
Crypto Investment Specifics	Crypto Knowledge	Intermediate	Beginner (Learning Through Influencers)	Beginner
	Investment Goals	Secure Long-Term Growth & Hedge Against Inflation	High ROI & Early Retirement	Long-Term Growth & Potential for High Returns (Lower Risk Tolerance)
	Crypto Concerns	Regulatory Uncertainty & Long-Term Sustainability	Market Volatility & Security Risks	Volatility & Difficulty Understanding the Technology
	Crypto Information Sources	Industry Research Reports & Telegram Groups	Crypto Youtubers and Crypto Twitter	Newsletters & Financial Advisors
Pain Points	Frustrations	Cluttered interface, lack of filtering options,	Onboarding of newly released coins takes a lot of time, which keeps me getting into the coins at the right time	Feeling Left Behind & Difficulty Understanding Crypto
	Pain Points	Educational resources are not tailored to their intermediate knowledge level.	Difficulty understanding complex trading features or risk management tools without proper guidance.	Lack of readily available FAQs for troubleshooting issues. And it takes a bit longer to get issues resolved especially offramping money from platform. The overall user experience felt intimidating initially
Mudrex Specifics	Why Mudrex?	Secure Platform & Educational Resources	Easy-to-Use Platform & Access to a Wide Range of Cryptocurrencies	Trusted Brand & Recommendations from Friends
	Most Valued Features	Coins, Coinsets and Research resources	Access to a Wide Range of Cryptocurrencies & Active Trading Features	User-Friendly Interface & Customer Support
	Biggest Challenges	Feeling Overwhelmed by Information & Security Concerns	Managing Portfolio Risk & Avoiding Scams	Understanding Technical Aspects & Choosing the Right Investment Strategy
	How did you discover Mudrex?	Friend Recommendation	Online Research & Social Media Ads	Suggested by colleague
	Mudrex Services Used	Educational Resources & Coins	Active Trading Platform & Access to Low-Cap Coins	Coinsets (Considering Active Trading Features)
	Awareness of Mudrex Features	Curated Coinsets, AI Insights, Secure Platform, Educational Resources	Simple Interface for Trading & Track Memecoin Trends	Coinsets, User-Friendly Interface, Customer Support
	Financial Goals	Secure Long-Term Growth & Hedge Against Inflation	High Returns & Early Retirement	Long-Term Growth & Potential for High Returns (Lower Risk Tolerance)
	How frequently do you use?	Daily watchlist tracking and 1-2 times/week investing during bull run	Multiple time access the app for price tracking, trading 3-4 times/week	Accessing Once a week just to passively track price, Investing 1-2 times/month
	How much money are you willing to spend?	I usually DCA into coins 10k INR at a time, But during bull run my total investment was around 2-3Lakhs	Usually invest maximum 5k on memecoins	Total investment of about 1Lakh, Usually go for SIP style investment
Personal Preferences	Time vs Money	Leans towards time. Values work-life balance and experiences.	Leans towards money. Prioritizes financial management and success	Balanced approach. Values financial security while enjoying life.
	Where do they spend money?	Travel, experiences (concerts, plays), dining out with family, books.	Investments (both traditional and crypto), socializing with friends at bars/restaurants, video games.	Home improvement projects, weekend getaways, clothes shopping (moderately).
	Where do they spend time?	With family (weekends), attending concerts and shows, reading non-fiction books.	Online community participant, gaming (competitive), attending crypto meetups.	With family (weekends), watching sports, DIY projects around the house, reading news articles.
	Most used social media apps	LinkedIn, Instagram, Spotify and Youtube	Discord , Twitter, Youtube	Facebook, Instagram (for following news and hobbies).
	Types of content consumed	Industry news articles, business podcasts, travel blogs, biographies/self-improvement books.	Crypto research articles, investment tutorials (YouTube), financial news channels (Twitch streams!), comedic content (memes).	News articles (local & national), DIY project tutorials, sports highlights, travel blogs.
	Preferred Communication Channels	Industry Newsletters & Email Updates	Social Media & Influencer Alerts	Text Message Alerts & Phone Support

JTBD framework

Category	ICP 1: Savvy Investor (27-35)	ICP 2: Full Degen (22-27)	ICP 3: Steady Builder (35+)
Financial Goals	Grow wealth for early escape from the 9-to-5 and for dream trips. Crypto's a new avenue. [Primary]	Hit financial freedom fast with crypto's high returns. Early retirement, here I come! [Primary]	Alternate Investment vehicle and secure long-term growth (think inflation hedge) with crypto's diversification potential. [Primary]
Functional Goals	Secure platform, learning resources, and portfolio management tools for confident crypto investing. [Secondary]	Easy & fast crypto trading platform for the ultimate hustler. Market trends? Gotta stay informed!	Trusted platform with crypto guidance (especially for newbies) - minimize fees while we are at it. [Secondary]
Personal Goals	Feel in control of my financial future. Crypto's a new challenge to master!	Escape the work grind and live life on my terms. Crypto's my ticket to freedom! [Secondary]	Peace of mind with secure investments. Crypto's a wild ride, but a safe platform is key.
Social Goals	Be part of the crypto revolution! Community and cutting-edge finance.	Brag about how much profits I made and be part of a social meme trends	-

ICP-JTBD Final Summary

Mudrex caters to a diverse range of investors, each with unique goals and needs. Here's a snapshot of our three core investor archetypes:

1. The Savvy Investor

Summary: Tech-savvy and security-conscious, Naman (27, Bangalore) seeks long-term wealth creation through crypto, using a mix of active trading and long-term holds.

Problem Statements:
- Difficulty keeping up with market trends and identifying promising coins.
- Finding a secure platform with educational resources.
JTBD:
- Financial[Primary]: Grow wealth and outperform traditional investments.
- Functional[Secondary]: Make informed investment decisions with access to reliable information.
- Personal: Personal: Experience the thrill of potentially high returns and be part of a cutting-edge investment movement

2. The Full Degen

Summary: Parinay (23, Pune) is a high-risk-seeking investor drawn to the potential of low-cap coins and memecoins for quick gains.
Problem Statements:
- Managing portfolio risk and avoiding scams in the fast-paced world of low-cap coins.
- Finding a platform that offers access to a wide range of coins and advanced trading features.
JTBD:
- Financial[Primary]: Achieve high returns through high-risk, high-reward investments.
- Personal[Secondary]: Experience the thrill of the chase and potentially achieve financial freedom.
- Functional: Actively trade and manage a portfolio of low-cap and memecoins.
- Social: Connect with other like-minded investors and share his investment journey on social media.

3. The Steady Builder

Summary: Mukesh (late-30s) prioritizes long-term, stable growth for his investments. He's open to exploring new opportunities but values security and a user-friendly platform.
Problem Statements:
- Feeling overwhelmed by the abundance of information and potential security risks in the crypto market.
- Making sound investment decisions while exploring new crypto options.
JTBD:
- Financial[Primary]: Achieve long-term portfolio growth through secure and diversified crypto investments.
- Functional[Secondary]: Invest in crypto with confidence on a user-friendly platform.
- Social: Build a secure financial future for himself and potentially his family (optional).

Product Teardown

Mudrex Teardown.pdf

Customer Journey Mapping

Screenshot 2024-04-06 at 5.05.19 AM.png

Activation Metrics

1. SIP Investment (Fixed Investment):

Hypothesis: Users who initiate a SIP (Systematic Investment Plan) investment on the platform, regardless of product type or frequency, are more likely to become active Mudrex users.
Reason: SIP investments demonstrate a user's commitment to a long-term investment strategy and willingness to stay invested with Mudrex over time. This planned approach suggests a higher potential for user retention and platform loyalty.

2. Completion of First Investment (Tailored):

Hypothesis: Users who complete their first investment within 7 days of signing up, regardless of amount, are more likely to become active Mudrex users.
Reason: A first investment, even a small one, indicates that the user has overcome initial hurdles, navigated the platform, and is comfortable using Mudrex for their cryptocurrency investment needs. This initial action can be a tipping point leading to continued investment activity.

3. Investment in Coinsets/Coin Baskets:

Hypothesis: Users who invest in a Coinset or Coin Basket product within the first month are more likely to become active Mudrex users.
Reason: Investing in pre-bundled Coinsets or Coin Baskets suggests a user's interest in diversified investment strategies offered by Mudrex. Choosing these curated products indicates a potential for continued trust and reliance on the platform for investment decisions.

4. High-Volume Transaction (Tailored):

Hypothesis: Users who conduct a cryptocurrency transaction with a total volume exceeding ₹5,000 within the 6 weeks are more likely to become active Mudrex users.
Reason: A high-volume transaction (compared to a smaller initial investment) suggests a user's comfort with the platform's trading functionalities and a potentially higher level of investment activity. This indicates a potential for continued engagement and frequent use of Mudrex for cryptocurrency trading.

5. Linking Payment Method (Retained):

Hypothesis: Users who link a bank account or set up a payment method within 7 days hours of signing up are more likely to become active Mudrex users.
Reason: Linking a payment method demonstrates a user's intent to invest and reduces friction for future transactions. This suggests a higher likelihood of them actively using the platform for investment purposes.

6. Saving Coins/Coinsets/Coin Baskets to Watchlists:

Hypothesis: Saving Coins/Coinsets/Coin Baskets to Watchlists within the First Month
Reason: Users who actively save Coins, Coinsets, or Coin Baskets to their watchlists within the first month demonstrate a strong interest in specific cryptocurrencies or investment opportunities. This suggests a potential for future investment activity and continued engagement with Mudrex's platform.

Metrics to Track

Qualitative

Review analysis on X(Twitter), Reddit communities and other social media platforms
Google play store reviews
Monthly User interactions
User reviews gathered through query resolutions

Quantitative

Time taken to complete the onboarding
X-Day, when the payment method is linked
Daily Active Users (DAU) and Monthly Active Users (MAU): Measuring user engagement.
Number of transactions on days 7, 30 and 90: tracking the user activity to gauge the growing or declining interest of the user, correlating this with market conditions
Average weekly trading volume per user, to categorise into investors, traders, lurkers and asleep.
Users with more than 1 SIP created
Users with > 5 coins & coinsets saved or added to watchlist

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