On June 2, CoinSwitch Kuber, one of India’s most well-known crypto exchanges, launched an index that will provide real-time data on the Indian Rupee’s performance in the crypto market.
The Crypto Rupee Index (CRE8) is a first for the Indian sector, which previously had to “rely on foreign indices based on the US Dollar,” according to the tweet made by Ashish Singhal, CEO and co-founder of CoinSwitch Kuber. “However, these indices do not accurately reflect the Indian market and overlook the supply-demand fundamentals of India’s rising investor base,” he added.
Here is the tweet:
According to the company, CRE8 will be updated more than 1,400 times a day to ensure it reflects market movements in real time, and will track the performance of eight crypto assets comprising more than 85 percent of the crypto market total. market for Indian Rupee.
The CRE8 index is based on trades performed on the CoinSwitch Kuber app, which has 18 million registered users, according to the business.
Trading volumes in India have lately decreased as a result of a new crypto tax and other recent events, such as the rocky local launch of cryptocurrency exchange Coinbase (COIN). As a result, it’s unclear how many of the 18 million registered users on CoinSwitch Kuber are still active.
Andreessen Horowitz (a16z), Coinbase Ventures, Tiger Global, and Sequoia Capital are among the investors in CoinSwitch Kuber.
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