CoinSwitch launches Crypto Rupee Index (CRE8)
Crypto Rupee Index (CRE8) is a first-of-its-kind index to measure the performance of the Crypto market in Indian Rupee.
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CoinSwitch, one of the largest crypto investing apps in India, on Thursday (June 2) announced the launch of a Crypto Rupee Index (CRE8). It is a first-of-its-kind index to measure the performance of the Crypto market in Indian Rupee.
Commenting on the launch of CRE8, Ashish Singhal, Co-founder and CEO, of CoinSwitch, said: “CRE8 is a demonstration of our commitment to bring more transparency to the Crypto market and equip users with a simple, easy-to-understand measure of the Indian market.”
“The index provides a trustworthy, real-time view of the Indian Rupee-denominated Crypto market based on actual trades, enabling Indian users to make informed investment decisions,” he added.
CRE8 index will give real time insight on the crypto market on the basis of actual transactions on CoinSwitch. The company said in a statement that CRE8 is refreshed over 1,400 times a day to ensure reflection of real time market movement; and is INR denominated (takes into account currency conversion rates) unlike any other international currency denominated metric.
CoinSwitch further said that the index will be rebalanced monthly and reconstituted every quarter to stay up to date with the market.