Crypto Rupee Index (CRE8) Details: CoinSwitch, one of the largest crypto investing apps in India, on Thursday (June 2) announced the launch of a Crypto Rupee Index (CRE8), which is a first-of-its-kind index to measure the performance of the Crypto market in Indian Rupee.

Commenting on the launch of CRE8, Ashish Singhal, Co-founder and CEO, of CoinSwitch, said: “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,” he added.

CRE8 will be owned and administered by CoinSwitch.

What is Crypto Rupee Index (CRE8) by CoinSwtich?

CRE8 index will provide real time insight on the crypto market based on actual transactions on CoinSwitch. The company said in a statement that CRE8 is refreshed over 1,400 times a day to ensure reflection of real time market movement; and is INR denominated (takes into account currency conversion rates) unlike any other international currency denominated metric.

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CoinSwitch further said the index will be rebalanced monthly and reconstituted every quarter to stay up to date with the market.

What will CRE8 track?

As per the statement, CRE8 will track the performance of eight Crypto assets that represent over 85% of the total market capitalization of cryptos traded in Indian Rupee. 

The statement further said that the index is based on real trades on the CoinSwitch app. CoinSwitch claims there are 18 million registered users of its app.

What is CRE8 Website Link?

CRE8 is live at coinswitch.co/crypto-index for Crypto users to study the Indian Crypto market. 

CoinSwitch was founded in 2017 as a single-window to purchase crypto from global exchanges. It expanded to INR-Crypto trading in June 2020, providing Indians with another platform to participate in the crypto markets.

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CoinSwitch is backed by investors like Andreessen Horowitz (a16z), Coinbase Ventures, Tiger Global, Sequoia Capital, Ribbit Capital, and Paradigm.

(Cryptos and other virtual digital assets are unregulated in India. They are considered extremely risky for investment. Please consult your financial advisor before making any investment decision)