CoinSwitch Kuber, one of India's most prominent crypto exchange, has started an index that will give real-time information on the performance of the Indian Rupee based on the crypto market.
The Crypto Rupee Index (CRE8) is a first in the Indian market which has previously had to "rely on the international indices based on the US Dollar," tweeted CEO and co-founder of CoinSwitch Kuber, Ashish Singhal. "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," he added.
The company says CRE8 will be refreshed over 1,400 times a day to ensure reflection of real-time market movement and that it tracks the performance of eight crypto assets that represent over 85% of the total market capitalization of the crypto market traded in Indian Rupee.
The CRE8 index is based on trades made on the CoinSwitch Kuber app, which the company says has 18 million registered users.
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