CoinSwitch’s Crypto Rupee Index (CRE8) is the first-of-its-kind index to track the crypto market’s performance in Indian Rupee.
The Crypto Rupee Index (CRE8), India’s first benchmark index to assess the performance of the Indian Rupee-based crypto market, was released today by CoinSwitch, India’s largest crypto investing app.
“CRE8 is a testament to our dedication to increase transparency in the cryptocurrency market and provide users with a basic, easy-to-understand metric of the Indian market,” says the company. The index gives a reliable, real-time representation of the Indian Rupee-denominated Crypto market based on actual trades, allowing Indian consumers to make well-informed investment decisions,” said Ashish Singhal, CoinSwitch’s co-founder, and CEO.
CRE8, which is owned and managed by CoinSwitch, monitors the performance of eight Crypto assets that account for over 85% of the total market capitalization of Cryptos traded in the Indian Rupee. The index is based on actual trades made on the CoinSwitch app, which has 18 million users.
CRE8 is now available for Crypto users to research the Indian Crypto market at coinswitch.co/crypto-index.
CoinSwitch was founded in 2017 as a single window to purchase Crypto from global exchanges. In June 2020, it extended to INR-Crypto trading, giving millions of Indians a simple, safe, and secure platform to join the Crypto revolution. The startup is valued at $1.9 billion and is backed by blue-chip investors such as Andreessen Horowitz (a16z), Coinbase Ventures, Tiger Global, Sequoia Capital, Ribbit Capital, and Paradigm.
The index is INR denominated (takes into account currency conversion rates), unlike any other international currency denominated metric, and provides real-time insight into the Crypto market based on actual transactions on CoinSwitch. It is refreshed over 1,400 times a day to ensure the reflection of real-time market movement. To stay current with the market, the index will be rebalanced monthly and recreated every quarter.
CoinSwitch is a cryptocurrency exchange.
CoinSwitch is on a mission to make money more accessible to everyone. CoinSwitch, India’s largest Crypto investing app and a Great Place to Work®, is building a crypto ecosystem that is trusted by over 18 million registered users. The company, which was founded in 2017 by Ashish Singhal, Govind Soni, and Vimal Sagar Tiwari and is backed by blue-chip investors such as Andreessen Horowitz (a16z), Tiger Global, Sequoia Capital, Ribbit Capital, Paradigm, and Coinbase Ventures, is growing into a wealth-tech destination for every Indian. Visit www.coinswitch.co for more information.
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