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CoinSwitch launches its first rupee-denominated crypto index

The co-founder of CoinSwitch, Ashish Singhal, took to Twitter to announce the launch of the new index focused on Indian users

CoinSwitch, one of India’s largest crypto exchanges, has established the country’s first Rupee-denominated crypto index. As per Ashish Singhal, co-founder of CoinSwitch, the CRE8 index would enhance the transparency of the Indian crypto market and establish a simple and handy gauge of its current health, allowing investors to make better-informed decisions.

Ashish said that there was no accurate way to measure the dynamics of the Indian crypto market. Hence CoinSwitch came up with the idea of the index. He launched the index by quoting:

“Every time I’m asked this question, I’m reminded of a missing piece: There is no accurate measure of the Indian #CryptoMarket.“

He went on to say that Indians relied on the US dollar-based indices: “Until now, investors in India had to rely on international indices based on US Dollar. But these indices do not give the true picture of the Indian market and miss the supply-demand dynamics of India’s growing investor base.”

He tweeted that the index will represent 85 % of the Indian crypto market: “Today, we are fixing this. I’m proud to announce the launch of CRE8, the Crypto Rupee Index. CRE8 gives you real-time info of the Indian Rupee-based Crypto market based on actual trades on our platform. It represents 85% of the Crypto market capitalization.”

As per Ashish, Indian crypto users can make informed decisions based on the index. He quoted: “#CRE8 demonstrates our commitment to bring more transparency to the Indian Crypto market and equip users with a simple, easy-to-understand measure of the Indian market.

“The #Index enables Indian users to make informed investment decisions. Indian investors and market observers no longer have to second-guess how the Indian Crypto market behaves. “

Which coins are included in the index?

The CRE8 index includes the eight most valuable currencies in market capitalization. The index’s ultimate composition looks like this, in decreasing order of the value of each component:

  • Bitcoin (BTC): 36.2 percent.
  • Ethereum (ETH): 23.4 percent.
  • BNB (Binance Coin) : 11.1 percent
  • Ripple (XRP) : 6.7 percent
  • Cardano (ADA) : 6.3 percent.
  • Solana (SOL) : 6.1 percent
  • DOT (Polkadot) : 5.2 percent
  • Dogecoin (DOGE) : 5 percent

The CRE8 index will show data from October 1, 2020, with a base value of 1000 INR. The index value is ₹ 3,127.09 at the time of writing. It’s worth noting that the index serves solely as a source of information; it can’t be invested in or exchanged.

Increasing people’s interest in cryptos in the face of government regulations

The Indian government has continuously shown a negative attitude towards cryptos. It has imposed a 30 % tax on crypto-related earnings and plans to implement GST as high as 28 % on transactions made on foreign crypto exchanges.

Even though the Indian government is exceedingly cautious toward cryptocurrencies, the country’s crypto market continues to expand and flourish.

The number of cryptocurrency fans in the world’s most populous countries is rapidly increasing. As we had reported earlier, India leads the world in terms of the number of people who have participated in NFT gaming and the crypto market’s P2E sector, with a response rate of 42 % of people accepting to have dabbled in cryptos.