CoinSwitch, the largest crypto investing app in India, on Thursday unveiled the country’s first rupee-based crypto index. Called CRE8, the new benchmark index will help track the performance of the INR-based crypto market. Constantly refreshing itself, CRE8 can help investors understand real-time market movement as accurately as possible. “How’s the Indian crypto market doing? Every time I’m asked this question, I’m reminded of a missing piece: There is no accurate measure of the Indian crypto market,” tweeted CoinSwitch CEO and Co-Founder Ashish Singhal as he announced CRE8.
CoinSwitch CRE8: How does it work?
“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,” wrote Singhal in his tweet.
CRE8 comes in as a solution to this problem. The index is refreshed over 1,400 times a day to make sure that real-time market movement can be closely represented. The index is based on real trades that take place on the CoinSwitch app, which currently has over 18 million registered users.
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As mentioned earlier, the index is dominated by INR, which means that it takes into account currency conversion rates. CoinSwitch claims that CRE8 will be “rebalanced monthly and reconstituted every quarter to stay up to date with the market.”
CoinSwitch CRE8: Which cryptocurrencies does it track?
At present, CRE8 tracks eight popular cryptos — Bitcoin, Ethereum, Binance Coin, Ripple, Cardano, Solana, Polkadot, and Dogecoin. These constitute over 85 percent of the total market capitalisation of cryptocurrencies, traded in rupee.
CoinSwitch CRE8: How does it help investors?
When investing, it is always advisable to track market movements and study them to notice trends that you can use to your advantage. CRE8 can help Indian investors do that easily. It indexes the market live and also provides figures for the past 24 hours, week, month, three months, six months, and even a year, tracking movements since October 1, 2020.
“Indian investors and market observers no longer have to second-guess how the Indian Crypto market is behaving. They can view it in real-time,” Singhal said.
Singhal also noted that CRE8 can prove beneficial to publishers as well. If you wish to show users on your app or crypto website the current state of the Indian crypto market using CRE8, all you need to do is reach out to CoinSwitch’s support team. “We’re working on making APIs and embed codes for CRE8,” Singhal added.