India’s crypto exchange CoinSwitch Kuber announced the launch of a rupee-denominated index tracking the performance of digital assets.
All about CRE8: one-of-its-kind rupee-denominated #Crypto Index by #CoinSwitch!
Find the CRE8 Index here: https://t.co/pRux4j4zdb pic.twitter.com/zhofpdN5HY
— CoinSwitch Kuber: India’s Largest Crypto App 🚀 (@CoinSwitchKuber) June 3, 2022
The Crypto Rupee Index (CRE8) is based on the price movements of eight cryptocurrencies — BTC, ETH, BNB, XRP, ADA, SOL, DOT, and DOGE. They account for 85% of the market capitalization of the rupee-denominated crypto market.
The index is updated on a minute-by-minute basis, 24/7. CRE8 is built from real trades executed in the CoinSwitch app. According to the exchange’s data, it is used by 18 million users.
Rebalancing takes place on the 25th of every month, with the components reviewed quarterly.
“CRE8 gives users a simple and clear assessment of the Indian market,” — said Ashish Singhal, CEO of CoinSwitch Kuber.
In October 2021, CoinSwitch Kuber attracted $260 million in a Series C funding round and reached a $1.91 billion valuation.
Earlier the exchange disabled the rupee deposits feature via the UPI payment system due to regulatory uncertainty.
Over the past years, Indian authorities’ statements on crypto legislation have ranged from a full ban on digital currencies—including potential criminal liability—to possible regulation as assets.
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