Indian crypto app launched its first rupee-denominated index

The largest cryptocurrency app in India has launched its first rupee-denominated index

On Thursday, CoinSwitch, crypto investing app, introduced the Crypto Rupee Index (CRE8), the country's first benchmark index to track the growth of the rupee-based crypto market.

CRE8, which is owned and managed by CoinSwitch, monitors the performance of eight crypto assets that account for over 85% of the total market capitalization of cryptos exchanged in the Indian rupee. The index is based on actual trades made on the CoinSwitch app, which has more than 18 million users.

Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Ripple (XRP), Cardano (ADA), Solana (SOL), Polkadot (DOT), and Dogecoin (DOGE) are the index's components.

The proportional market capitalization (square root) approach is used to generate the CRE8 index. It also represents the overall market value of all crypto assets in comparison to a specific base period (1 October 2020) and base value (1,000).

“CRE8 is an example of our dedication to increasing openness in the cryptocurrency sector and providing users with a basic, easy-to-understand metric of the Indian market. Based on actual deals, the index gives a reliable, real-time perspective of the Indian rupee-denominated Crypto market, allowing Indian consumers to make better investment decisions," said Ashish Singhal, co-founder, and chief executive officer, CoinSwitch.

The index, according to the site, delivers real-time information on the crypto market based on actual CoinSwitch transactions and will be updated over 1,400 times a day to guarantee that it reflects real-time market movement.

Lastly, CoinGabbar, one of the most rapidly growing crypto platform, has already launched an index named as "GCI-20" index , which is basically a capitalization-weighted index that monitors the behavior of the market's top crypto digital assets. The Index's purpose is to provide a snapshot of the Crypto Market's price activities. The Index represents a well-balanced method for fluctuation detection. By selecting a representative sample from across the Crypto Universe, the Index seeks to represent the Crypto Market in a balanced manner.   

To stay updated with the market, the index will be recalibrated monthly and recreated every quarter.