CoinSwitch Launches India’s First Crypto Rupee Index CRE8

CoinSwitch, India’s largest crypto investing app, has launched the country’s first benchmark index that will track the performance of the rupee-based crypto market.

Named CRE8, the index will follow the movements of eight popular crypto assets, including Bitcoin and Ethereum. Together, these assets cover more than 85 percent of the total market capitalisation of crypto coins traded in Indian Rupee. CoinSwitch app has over 18 million registered users and the index is based on real trades done by them.

“Presenting CRE8 – India’s FIRST rupee-based crypto Index,” CoinSwitch said in a tweet. It accompanied a video in which Ashish Singhal, co-founder and chief executive officer of CoinSwitch, explained why this index is a big deal for crypto investors in India.

“ConSwitch has done two things. One, it has made crypto investment simple. We are taking the second step today. Because of this, the decision making in the crypto world will become easier,” Singhal said.

He said the crypto investment is as simple as ordering food online or booking a cab. But the decision making process is “still broken”. “How do you know where the crypto market is moving? How do you know whether you are making the right investments or not? And that’s where [CRE8) comes into play,” he added.

The CRE8 index, which is refreshed over 1,400 times a day, provides real-time insight into the crypto market based on actual transactions on the CoinSwitch app. It will be rebalanced monthly and reconstituted every quarter, the platform said.

Besides Bitcoin and Ethereum, the other assets that the index will track are: Binance Coin, Ripple, Cardano, Solana, Polkadot and Dogecoin. Singhal said that CRE8 stands out from other such platforms is it allows us to understand how Indians are investing in crypto and make decisions based on that.

CoinSwitch was founded in 2017 as a single-window platform to trade in cryptocurrency. It expanded into rupee-based crypto trading in 2020.