CoinSwitch Kuber, one of India’s most prominent crypto exchange, has started an index that will give 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 has previously had to “rely on the international indices based on the US Dollar,” tweeted CEO and co-founder of CoinSwitch Kuber, Ashish Singhal. “But these indices do not give the true picture of the Indian market and miss the supply-demand dynamics of India’s growing investor base,” he added.
The company says CRE8 will be refreshed over 1,400 times a day to ensure reflection of real-time market movement and that it tracks the performance of eight crypto assets that represent over 85% of the total market capitalization of the crypto market traded in Indian Rupee.
The CRE8 index is based on trades made on the CoinSwitch Kuber app, which the company says has 18 million registered users.
Trading volumes in India have plummeted recently due to a stiff new crypto tax and other recent developments including the rough local launch of crypto exchange Coinbase (COIN). Therefore 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 equip users with a simple, easy-to-understand measure of the Indian market. Indian investors and market observers no longer have to second-guess how the Indian Crypto market is behaving,” Singhal tweeted.
CoinSwitch Kuber is backed by investors such as Andreessen Horowitz (a16z), Coinbase Ventures, Tiger Global, and Sequoia Capital.