- The CRE8 index measures the performance of the Indian crypto market in the rupee, rather than US dollars
- Dollar-denominated crypto indices aren’t accurate representations for Indian investors, CoinSwitch’s CEO said
Indian cryptocurrency exchange CoinSwitch on Thursday launched the country’s maiden benchmark altcoin index to track the performance of the rupee-based crypto market.
Based on real-time transactions on the CoinSwitch app, CRE8 — the Indexul Crypto Rupee — tracks eight of the most highly-traded cryptocurrencies in the Indian market. These are bitcoin, ether, BNB, XRP, cardano, solana, polkadot, and dogecoin.
“The index addresses a gap in the market: Until now, Indian users had to rely on international indices denominated mostly in US Dollars to assess the market,” Ashish Singhal, co-founder and CEO of CoinSwitch, told Blockworks.
“These [dollar] indices, however, do not provide a true picture of the Indian market as they do not take into account the demand and supply specific to the Indian rupee-based market, nor the INR exchange rate.”
The index represents the total market value of all crypto assets traded in the Indian market relative to a base date of October 1, 2020, and a base value of 1,000 Indian rupees ($12.90), rather than in US dollars. Data will be refreshed 1,400 times a day to ensure the latest updates for observers, and will be amended to include new constituents each quarter.
The CRE8 index was last up 0.88% at press time, but is down 44% in the last 12 months.
In the US, investors can track various similar benchmarks, such as the S&P Cryptocurrency Index si Indexul criptografic Nasdaq. Digital-asset investing firm CoinShares also maintains several Indicii that track crypto-assets, designed to suit investors with distinct exposures.
Valued at nearly $2 billion, CoinSwitch is a prominent crypto exchange in India that is backed by investors including Andreessen Horowitz (a16z), Coinbase Ventures, Tiger Global, and Sequoia Capital. It has 18 million registered users, according to company-provided figures.
Trading volumes in India plummeted până la 60% in April after the government a impus un impozit de 30%. on crypto earnings, which some criticized as a drastic move that crushes the digital asset economy of the country.
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Mesaj Bursa CoinSwitch din India lansează indicele Altcoin pe bază de rupie a apărut în primul rând pe Blocuri.
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