Crypto investing app CoinSwitch has launched the cryptocurrency rupee Index (CRE8), a benchmark index to measure the performance of the Indian rupee-based crypto market.
CRE8 tracks the performance of eight crypto assets representing over 85 per cent of the total market capitalisation of cryptos traded in Indian rupee. The index is based on real trades on the CoinSwitch app.
Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Ripple (XRP), Cardano (ADA), Solana (SOL), Polkadot (DOT) and Dogecoin (DOGE) will be the eight tokens constituting the index.
Ashish Singhal, Co-founder and Chief Executive Officer (CEO), CoinSwitch, said, “CRE8 is a demonstration of our commitment to bring more transparency to the crypto market and equip users with a simple, easy-to-understand measure of the Indian market.” The index provides a trustworthy, real-time view of the Indian rupee-denominated crypto market based on actual trades, enabling Indian users to make informed investment decisions, he added.
Real-time insights
The index provides real-time insight on the crypto market based on actual transactions on CoinSwitch. It is refreshed over 1,400 times a day to ensure reflection of a real-time market movement, and is INR-denominated (takes into account currency conversion rates). The index will be rebalanced monthly and reconstituted every quarter to stay up to date with the market.
Founded in 2017 as a single-window to purchase crypto from global exchanges, CoinSwitch expanded to INR-crypto trading in June 2020. It is backed by investors such as Andreessen Horowitz (a16z), Coinbase Ventures, Tiger Global, Sequoia Capital, Ribbit Capital, and Paradigm, the company is valued at $1.9 billion.