Coinswitch Kuber Rolls Out a Rupee Index for the Indian Crypto IndustryJune 3, 2022
Indian crypto exchange CoinSwitch Kuber introduced CRE8, a rupee index that tracks the Indian crypto sector.
CRE8 claims to provide traders with real-time information on the Indian rupee-based crypto market based on trades on the CoinSwitch exchange.
“Previously, Indian investors had to rely on international indices based on the US dollar. However, these indices do not provide a genuine picture of the Indian market and fail to capture the supply-demand dynamics of India’s rising investor base,” CoinSwitch cofounder Ashish Singhal stated on Twitter.
Following this, he says,
“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.”
Trading volumes on India’s biggest cryptocurrency exchanges have dropped to their lowest levels in years, following the implementation of new taxes on April 1.
According to reports, the local industry’s access to financial services has been hampered by the central bank’s pressure on banks and financial organizations.