NEW DELHI: India’s largest crypto
investing app, CoinSwitch, on Thursday launched Crypto Rupee Index
), which is the country’s first benchmark index to measure the performance of the rupee-based crypto market.
CRE8 tracks the performance of eight Crypto assets that represent over 85% of the total market capitalization of cryptos traded in Indian Rupee. The index is based on real trades on the CoinSwitch app, which the company claims has 18 million registered users.
The index constituents are Bitcoin (BTC), Ethereum
(ETH), Binance Coin
(BNB), Ripple (XRP), Cardano (ADA), Solana (SOL), Polkadot (DOT) and Dogecoin (DOGE).
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.The index will be rebalanced monthly and reconstituted every quarter to stay up to date with the market.
Point to note: Trading volumes in India have plummeted recently due to a stiff new crypto tax and other regulatory hurdles like UPI
services being disabled for crypto investments
Read More:Now, a rupee-based crypto index amid a volatile market – Times of India