CoinSwitch Kuber Launches Crypto Rupee Index, Transforming the Indian Cryptocurrency Market

Indian crypto exchange CoinSwitch Kuber has unveiled the Crypto Rupee Index (CRE8), a first for the Indian market. The index is denominated in Indian rupees and tracks the performance of the eight largest cryptocurrencies by market capitalization, providing real-time information on the Indian crypto market. CRE8 is refreshed over 1,400 times a day to reflect market movements and is based on trades made on the CoinSwitch Kuber app, which has 18 million registered users.

CoinSwitch Kuber Unveils Crypto Rupee Index, Revolutionizing Indian Cryptocurrency Market

Mumbai, India - June 2, 2022 - CoinSwitch Kuber, India's leading cryptocurrency exchange, has announced the launch of the Crypto Rupee Index (CRE8), an industry-first index that offers real-time insights into the performance of the Indian cryptocurrency market.

The CRE8 index fills a significant void in the domestic cryptocurrency ecosystem, which has hitherto relied on international indices denominated in US dollars. These indices, while valuable, fail to capture the unique dynamics of the Indian market, which has its own distinct supply-demand characteristics and investor demographics.

"The CRE8 index is a testament to our unwavering commitment to bringing transparency and accessibility to the Indian cryptocurrency market," said Ashish Singhal, CEO and Co-Founder of CoinSwitch Kuber. "Indian investors and market observers can now monitor the Indian cryptocurrency market's performance in real time, without the need for guesswork."

CRE8 is a comprehensive index that tracks the performance of the eight largest cryptocurrencies by market capitalization traded in Indian rupees, representing over 85% of the total market capitalization of the Indian cryptocurrency market. The index is refreshed over 1,400 times a day, ensuring that it accurately reflects the real-time market movements.

The CRE8 index is based on trades executed on the CoinSwitch Kuber platform, which boasts over 18 million registered users. This庞大的用户群为CRE8 index提供了丰富的数据源，使其具有高度的可信度。

The launch of CRE8 comes at a time when the Indian cryptocurrency market is navigating a period of transition. Recent regulatory developments, including a new cryptocurrency tax regime and the postponement of the launch of crypto exchange Coinbase in India, have impacted trading volumes in the short term. However, CoinSwitch Kuber remains confident in the long-term prospects of the Indian cryptocurrency market.

"We believe that the CRE8 index will empower investors with the information they need to make informed decisions and navigate the Indian cryptocurrency market with greater confidence," added Singhal. "Our goal is to foster a vibrant and transparent cryptocurrency ecosystem in India, and the CRE8 index is a step in that direction."

CoinSwitch Kuber is backed by a consortium of leading venture capital firms, including Andreessen Horowitz (a16z), Coinbase Ventures, Tiger Global, and Sequoia Capital, underscoring the confidence these investors have in the company's mission and the potential of the Indian cryptocurrency market.