One of India’s biggest crypto exchanges, CoinSwitch Kuber has announced the launch of an index it calls the ‘Crypto Rupee Index’ (CRE8). According to the announcement, the index will track the performance of the Indian Rupee, in real-time, against the crypto market.
Crypto Rupee Index Will Give The True Picture of Indian Market — Ashish Singhal
Interestingly, the Crypto Rupee Index (CRE8) is the first of its kind as far as the Indian market is concerned. According to tweets from the CEO and co-founder of CoinSwitch Kuber, Ashish Singhal, India has always had to rely on international indices. Meanwhile, international indices are usually based on the US Dollar. Singhal tweeted in part;
“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.”
So, by considering the peculiarities of the Indian economy and its investors, CoinSwitch Kuber came up with CRE8.
Additionally, the firm confirms that CRE8 will be refreshed no less than 1,400 times daily. This is to ensure that market movements are reflected in real-time. Also, CRE8 will be tracking the performance of the top eight cryptocurrencies. Notably, these cryprocurrencies account for more than 85% of the total market capitalization of the crypto market being traded using the Indian Rupee.
Finally, the announcement explains that the CRE8 index will be based, only on trades carried out within the CoinSwitch Kuber app. And according to the firm, it boasts of more than 18 million users.
India’s Crypto Regulation Cast A Shadow of Doubt
It might be worthy to note that India still has sketchy regulations regarding crypto. This has been largely responsible for the drop in trading volumes in India recently. While there is the stiff and discouraging crypto tax, many other recent developments may have also contributed to the general drop in crypto-based activities in the region. Therefore, it is quite possible that many of CoinSwitch Kuber’s 18 million registered users may not be active anymore.
Nonetheless, all hope is not lost. Singhal remains positive that investors now have where to look, to learn about the behaviour of India’s crypto market. He wrote, “#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.”
Meanwhile, CoinSwitch Kuber is backed by some notable investors. They include Coinbase Ventures, Andreessen Horowitz (a16z), Sequoia Capital, and Tiger Global.