The Indian cryptocurrency exchange CoinSwitch Kuber launched CRE8 on Thursday, a rupee index tracking the Indian crypto market.
CRE8 claims to give traders real-time information on the Indian rupee-based crypto market, based on trades on the CoinSwitch exchange.
The Crypto Rupee Index (CRE8) will track the performance of the eight biggest crypto assets denominated in Indian rupees instead of the U.S. dollar.
The CRE8 index is based on trades made on the CoinSwitch Kuber app, which the company says has 18 million registered users.
Until now, investors in India had to rely on international indices based on the U.S. 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, CoinSwitch cofounder Ashish Singhal said on Twitter.
Trading volumes on India’s major cryptocurrency exchanges have slumped to their lowest in years after new taxes kicked in on April 1.
CoinSwitch Kuber's investors include Andreessen Horowitz (a16z), Coinbase Ventures, Tiger Global and Sequoia Capital.