CoinSwitch Kuber launched CRE8 India’s first index for tracking performance of Indian crypto market
India’s largest cryptocurrency exchange, CoinSwitch Kuber, launched the CRE8 Crypto
Rupee Index which is India’s first index for tracking and measuring the
performance of the Indian Rupee based on the Indian crypto market.
According to CoinSwitch co-founder and CEO Ashish Singhal CRE8 index will create transparency in the crypto market and help users with a simple, easy-to-understand measure of the Indian market. The index will provide trustworthy, real-time information on the Indian rupee-based crypto market which is again based on actual trades. This will lead Indian users to make informed investment decisions. CoinSwitch calculates the index based on real trades on its app, which 18 million users trust. In a day it gets refreshed over 1,400 times to make sure that it reflects the real-time movement of the market. CRE8 is INR denominated considering the currency conversion rates. CoinSwitch owns and administers CRE8, which manage the performance of eight crypto assets that represent over 85 percent of the total market capitalization of cryptos traded in Indian Rupee.
Ashish Singhal said on Twitter that investors in India have traditionally relied on international indices based on the U.S. dollar. These indices do not show the true picture of the Indian market and do not reflect the supply-demand dynamics of the growing investor base in India.
CoinSwitch was founded in 2017 as a single-window to purchase Crypto from global exchanges. In June 2020, the company expanded to INR Crypto trading. The company is valued at $1.9 billion. Many blue-chip companies have invested including Andreessen Horowitz (a16z), Coinbase Ventures, Tiger Global, Sequoia Capital, Ribbit Capital, and Paradigm.
Following the implementation of new taxes on April 1, India's major cryptocurrency exchanges saw their trading volumes slump to their lowest levels in years. According to reports, the central bank has put pressure on banks and financial institutions, limiting access to financial services for the local industry.
CBW - External Analyst