CoinSwitch Kuber, one of India's most prominent crypto exchanges, has launched an index that will provide real-time information on the performance of the Indian rupee based on the crypto market.
- The Crypto Rupee Index (CRE8) is a first in the Indian market, which until now "relied on the international indices based on the U.S. dollar," tweeted CoinSwitch Kuber CEO and co-founder Ashish Singhal. "But these indices do not reflect the true picture of the Indian market and miss the supply-demand dynamics of the growing Indian investor base," he added.
- The company said CRE8 is updated over 1,400 times per day to reflect real-time market movements and tracks the performance of eight crypto assets that account for over 85% of the total market capitalization of the Indian rupee-traded crypto market.
- The CRE8 index is based on trades made through the CoinSwitch Kuber app, which has 18 million registered users, according to the company.
- Trading volumes in India have plummeted recently due to a strict new crypto tax and other recent developments, including the rough local launch of crypto exchange Coinbase (COIN). As a result, it is not clear how many of CoinSwitch Kuber's 18 million registered users are still active.
- "#CRE8 is a demonstration of our commitment to bring more transparency to the Indian crypto market and give users a simple, easy-to-understand measure of the Indian market. Indian investors and market watchers no longer need to question how the Indian crypto market is performing," Singhal tweeted.
- CoinSwitch Kuber is backed by investors including Andreessen Horowitz (a16z), Coinbase Ventures, Tiger Global and Sequoia Capital.