Amidst the ongoing volatility in the crypto market, steps are being taken to move this sector forward. Recently Binance Labs has secured an investment of about $500 million for its Web3 linked fund. Binance is also preparing to launch the Blockchain and Cryptocurrency Awareness Tour (BCAT) in Africa. At the same time, many people in the US are investing in cryptocurrencies to help fund their retirement. Here, India’s largest crypto investing app CoinSwitch has launched the country’s first benchmark index, which will track the performance of the rupee-based crypto market. The index, named CRE8, will follow the movement of 8 popular crypto assets, including Bitcoin and Ethereum. These assets cover more than 85 percent of the total market capitalization of crypto coins traded in Indian Rupees. The CoinSwitch app has over 18 million registered users.
Apart from Bitcoin and Ethereum, this index will also track Binance Coin, Ripple, Cardano, Solana, Polkadot and Dodgecoin. Ashish said that CRE8 is different from the rest of the platforms. It gives us an idea of how Indians are investing in crypto. CoinSwitch was established in the year 2017 as a single-window platform for trading in cryptocurrencies. In the year 2020, it was further promoted as Rupee-based crypto trading.
Presenting CRE8 – India’s FIRST rupee-based #crypto Index 🚀🚀
— CoinSwitch Kuber: India’s Largest Crypto App 🚀 (@CoinSwitchKuber) June 2, 2022
CoinSwitch said in a tweet that it is introducing CRE8, the country’s first rupee-based crypto index. In a video, Ashish Singhal, Co-Founder and Chief Executive Officer of CoinSwitch, explains why this index is a big deal for crypto investors in India.
He said that CoinSwitch has done two things. It has made crypto investing easy. Today we are taking the second step, which will make decision making in the world of crypto easier.
He said that crypto investment is as easy as ordering food online or booking a cab. But the decision-making process is ‘still broken’. He asked through some questions, how do you know where the crypto market is heading? How do you know whether you are investing right or not? According to Ashish, this is where the role of CRE8 starts.
The CRE8 index is refreshed more than 1400 times a day. It gives real time insight into the crypto market based on actual transactions on the CoinSwitch app. The company has said that it will be re-balanced every month and re-constituted every three months.