On 2nd June, CoinSwitch, one of India’s most prominent crypto investment platforms, introduced CRE8, Crypto Rupee Index, which is a first-of-its-kind Index that allows users to track the crypto market in INR.
“CRE8 is a demonstration of our dedication to bring more transparency to the Crypto industry and equip users with a basic, easy-to-understand measure of the Indian market,” said Ashish Singhal, CoinSwitch’s co-founder, and CEO.
“Based on actual transactions, the Index provides a reliable, real-time perspective of the Indian Rupee-denominated Crypto market, allowing Indian users to make sound investment decisions,” he added.
CoinSwitch owns and will administer CRE8.
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.
— Ashish Singhal (@ashish343) June 2, 2022
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. pic.twitter.com/I8eDLbJyco
— Ashish Singhal (@ashish343) June 2, 2022
Real-time Insights
The CRE8 Index will offer real-time insight into the crypto market based on CoinSwitch transactions. CRE8 is refreshed more than 1,400 times a day to guarantee that it reflects real-time market action. It is INR denominated (takes into account currency conversion rates), unlike any other foreign currency-denominated statistic, said the company.
CoinSwitch remarked the Index would be rebalanced monthly and reconstructed every quarter to stay current with the market.
CRE8 will track the progress of eight crypto assets that account for over 85% of the overall market cap of cryptos traded in the Indian Rupee, according to the announcement. The Index will consist of eight tokens: Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Ripple (XRP), Cardano (ADA), Solana (SOL), Polkadot (DOT), and Dogecoin (DOGE).
CRE8 will track the progress of eight crypto assets that account for over 85% of the overall market cap of cryptos traded in the Indian Rupee, according to the announcement. The Index is based on live trades on the CoinSwitch app, says CoinSwitch, whose app has over 18 million registered users.
Index Calculation
The Crypto Rupee Index (CRE8) is calculated using the square root of the market capitalization approach, with the level of the Index reflecting the entire market value of all cryptos/VDAs in the Index compared to the base period of 1st October 2020.
Where:
- Current Market Value (CMV) is the current price of a cryptocurrency (within a specified time period on CoinSwitch).
- The price of a crypto on the rebalance day is the base market value.
- Base Index Value = Cryptocurrency’s percentage share (in the recent rebalance multiplied by the closing price of the Index on the final day of the rebalancing month).
- Circulating supply * Price = Market Capitalization.
For now, the CRE8 crypto Index is available at www.coinswitch.co/crypto-index and will be available soon on the CoinSwitch app.
More About CoinSwitch
CoinSwitch, founded in 2017, started its journey as a single window to purchase crypto from global exchanges. Then in June 2020, it expanded to INR-crypto trading. The startup is valued at 1.9 billion USD and is supported by investors like Andreessen Horowitz (a16z), Coinbase Ventures, Tiger Global, Sequoia Capital, Ribbit Capital, and Paradigm.
In March, CryptoWire unveiled India’s first crypto Index, the IC15, which measures the market capitalization and liquidity of the top 15 worldwide digital currencies in dollars.
The IC15 is a market capitalization-based rule-based broad market Index that gauges the performance of 15 frequently traded liquid cryptocurrencies registered on exchanges around the world, according to the company.
To know more about CoinsSwitch’s crypto rupee Index, check out the official page here.
