Crypto company CoinSwitch on Thursday launched what it said is India’s first benchmark index to measure the performance of Indian Rupee-based crypto market.
Crypto Rupee Index (CRE8) tracks eight crypto assets representing over 85 per cent of the total market capitalisation of digital assets traded in the Indian Rupee. The index, available at coinswitch.co/crypto-index, is based on real trades on the CoinSwitch app that has 18 million registered users.
“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,” said Ashish Singhal, co-founder and CEO of CoinSwitch. “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,”
Backed by investors including Andreessen Horowitz (a16z), Coinbase Ventures, Tiger Global, and Sequoia Capital, CoinSwitch is valued at $1.9 billion.
Founded in 2017 as a single window to purchase crypto from global exchanges, CoinSwitch expanded to INR-Crypto trading in June 2020. The firm said it is providing millions of Indians with a simple, safe, and secure platform to participate in the Crypto revolution.
The index provides real-time insight into 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. The index will be rebalanced monthly and reconstituted every quarter to stay up to date with the market.