CoinSwitch Kuber welcomes India’s first rupee-based crypto index
CoinSwitch Kuber, an app-based cryptocurrency exchange platform exclusive to the Indian market for retail investors, has announced the nation’s first rupee-based crypto index called CRE8. First benchmark index to measure the performance of crypto According to reports from local media...
CoinSwitch Kuber, an app-based cryptocurrency exchange platform exclusive to the Indian market for retail investors, has announced the nation’s first rupee-based crypto index called CRE8.
First benchmark index to measure the performance of crypto
According to reports from local media outlets, CRE8 is the first benchmark index capable of measuring the performance of the crypto industry backed by the nation’s fiat currency, the Indian Rupee. The index is owned and administered by CoinSwitch Kuber and aims to keep track of the performance of eight cryptocurrencies in the Indian crypto market, which represent over 85% of the total market capitalization of cryptos traded in the Indian rupee.
Ashish Singhal, co-founder, and chief executive officer CoinSwitch Kuber commented on the launch of CRE8:
“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. 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 index will track the performance of these cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Ripple (XRP), Cardano (ADA), Solana (SOL), Polkadot (DOT), and Dogecoin (DOGE). Reports further add that CRE8 will refresh 1,400 times a day to ensure that the data is accurate and real-time, as the crypto industry never sleeps and is extremely volatile. Additionally, the index will be rebalanced every month and reconstituted every quarter.
CoinSwitch Kuber asks for regulatory clarity
CoinSwitch Kuber secured $260 million in a Series C funding round and achieved unicorn status. The funding round was led by Andreessen Horowitz along with Coinbase and others. However, following the uncertainty in the Indian crypto space regarding regulations, Singhal called for clear crypto regulations. He wants the government to clarify if they are going to impose a ban on crypto or regulate the market.
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