CRE8 gets positioned as first benchmark index for Crypto market in Indian Rupee
Crypto Rupee Index CRE8 from CoinSwitch enables measuring of the performance of the Cryptocurrency market in Indian Rupee.
In what is termed as India’s first benchmark index to measure the performance of the Indian Rupee-based crypto market, Crypto investing app CoinSwitch has brought to the fore, its Crypto Rupee Index (CRE8). CRE8, which is owned and administered by CoinSwitch, has been positioned to track the performance of eight Crypto assets that represent over 85 percent of the total market capitalization of Cryptos traded in Indian Rupee. The index is based on real trades on the CoinSwitch app, trusted by 18 million registered users.
Currently live, CRE8 will enable Crypto users to study the Indian Cryptocurrency market, CoinSwitch has said. CoinSwitch, which came into being in 2017 as a single-window to purchase Crypto from global exchanges, it had later, in June 2020, expanded to Indian Rupee -Crypto trading. The advent of CoinSwitch had provided many with a simple, safe, and secure platform to participate in the Crypto revolution. It is backed by blue-chip investors including Andreessen Horowitz (a16z), Coinbase Ventures, Tiger Global, Sequoia Capital, Ribbit Capital, and Paradigm, and is valued at $1.9 billion.
CRE8 to equip users with easy-to-understand measure of market
Going by what Ashish Singhal, Co-founder and CEO of CoinSwitch, says that CRE8 aims at bringing more transparency to the Crypto market and equip users with a simple, easy-to-understand measure of the Indian market. The index provides a trustworthy, real-time view of the Indian Rupee-denominated Crypto market based on actual trades, enabling Indian users to make informed investment decisions.
The CRE8 index works in such a way it provides real time insight on the Cryptocurrency market based on actual transactions on CoinSwitch.
CoinSwitch reflects real-time market movement
The index gets refreshed over 1,400 times a day to ensure reflection of real time market movement; and is Rupee denominated. The index will be rebalanced monthly and reconstituted every quarter to stay up to date with the market.
CoinSwitch has been working towards creating an ecosystem that simplifies Cryptocurrencies, and currently has over 18 million registered users.