Cryptocurrency investing application provider CoinSwitch has unveiled Crypto Rupee Index CRE8, to measure the performance of the Indian Rupee-based crypto market, the company said on Friday.
The Crypto Rupee Index tracks the performance of crypto assets that represent over 85 per cent of the total market capitalisation of cryptocurrencies traded in Rupee, a press release said. “The index is based on real trades on the CoinSwitch application, which has 18 million registered users,” the release said. CoinSwitch is backed by Coinbase Ventures, Tiger Global, Sequoia Capital, Ribbit Capital among others.
“CRE8 is a demonstration of our commitment to bring more transparency to the Crypto market and equip users with a simple, easy to understand measure of the Indian market”, CoinSwitch, Co-founder Ashish Singhal said. The index provides real time insight on the Crypto market based on actual transactions on CoinSwitch. The index would be rebalanced monthly and reconstituted to stay up to date with the market, the statement added.