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.
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