India’s largest Crypto investing app CoinSwitch on Thursday launched the Crypto Rupee Index (CRE8), India’s first benchmark index to measure the performance of the Indian Rupee-based crypto market.
“Owned and administered by CoinSwitch, CRE8 tracks the performance of eight crypto assets that represent 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, trusted by 18 million registered users,” the company 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,” said Ashish Singhal, Co-founder and CEO, CoinSwitch.
The index provides real time insight on the crypto market based on actual transactions on CoinSwitch; is refreshed over 1,400 times a day to ensure reflection of real time market movement; and is INR denominated (takes into account currency conversion rates) unlike any other international currency denominated metric. 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. Backed by blue-chip investors including Andreessen Horowitz (a16z), Coinbase Ventures, Tiger Global, Sequoia Capital, Ribbit Capital, and Paradigm, the company is valued at $1.9 billion.
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