NEW DELHI: India’s largest crypto investing app, CoinSwitch, on Thursday launched the Crypto Rupee Index (CRE8), the country’s first benchmark index measuring the performance of the rupee-based crypto market.
CRE8 tracks the performance of eight crypto assets, which account for over 85% of the total market cap of cryptos traded in Indian rupees. The index is based on real trades on the CoinSwitch app, which the company says has 18 million registered users.
The index constituents are Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Ripple (XRP), Cardano (ADA), Solana (SOL), Polkadot (DOT) and Dogecoin (DOGE).
The Crypto Rupee Index (CRE8) is a first in the Indian market, which previously “had to rely on the international indices based on the US 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 India’s growing investor base,” he added.
The company says CRE8 is updated over 1,400 times a day to ensure it reflects real-time market movements. The index is rebalanced monthly and recomposed quarterly to keep up with the market.
Note: Trading volume in India has fallen sharply lately due to a hefty new crypto tax and other regulatory hurdles like disabling UPI services for crypto investments.
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