CoinSwitch Kuber, one of India's most prominent crypto exchanges, has started an index denominated in Indian rupees that will give real-time information on the performance of the eight largest cryptocurrencies by market capitalization.
- The Crypto Rupee Index (CRE8) is a first in the Indian market, which has previously had to "rely on the international indices based on the US Dollar," tweeted CEO and co-founder of CoinSwitch Kuber Ashish Singhal. "But these indices do not give the true picture of the Indian market and miss the supply-demand dynamics of India’s growing investor base," he added.
- The company says CRE8 will be refreshed over 1,400 times a day to ensure reflection of real-time market movement and that it tracks the performance of eight crypto assets that represent over 85% of the total market capitalization of the crypto market traded in Indian rupees.
- The CRE8 index is based on trades made on the CoinSwitch Kuber app, which the company says has 18 million registered users.
- "#CRE8 is a demonstration of our commitment to bring more transparency to the Indian crypto market and equip users with a simple, easy-to-understand measure of the Indian market. Indian investors and market observers no longer have to second-guess how the Indian Crypto market is behaving," Singhal tweeted.
- CoinSwitch Kuber's investors include Andreessen Horowitz (a16z), Coinbase Ventures, Tiger Global and Sequoia Capital.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.