certify
Home arrow Article arrow Article Detail

CoinSwitch Kuber launched CRE8 India’s first index for tracking performance of Indian crypto market

Profile Image

Indrani bose Follow

INDIA

Jun, 06 2022

Jun, 06 2022

likes | comments 0

Article Image

On Thursday, 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.


likes | comments 0

Profile Image

Indrani bose

CBW - External Analyst

INDIA

Comments
Data Centre Construction - World First artificial intelligence AI-Tech Utility Token
banner
Article
DeFi Protocol SeaSwapSui Steals $32k From Investors

It was discovered by CeriK Alert that the decentralized exchange platform SeaSwap has scammed its users out of around $32,000 worth of SUI tokens;

Disclaimer: The information is for informational purposes only.​ This advertisement does not constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. None of the information and/or content available through this advertisement is intended as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any company, financial product, security or commodity. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable or result in any investment or other losses. In Making the investment decision, investors must rely on their own examination of the issuer and the terms of the offerings, including the merits and risks involved. Investments are speculative, illiquid, and involve a high degree of risk , including the possible loss of investment.