India's coinswitch exchange introduces Rupie-based altcoin index

India's coinswitch exchange introduces Rupie-based altcoin index

The Indian cryptocurrency exchange Coinswitch introduced the country's first benchmark alcohol index on Thursday to pursue the performance of the cryptom market based on rupees.

Based on real-time transactions in the Coinswitch app, Cre8-The Krypto-Rupie-Index Indian market. These are Bitcoin, Ether, BNB, XRP, Cardano, Solana, Polkadot and Dogecoin.

"The index closes a gap in the market: So far, Indian users have had to rely on international indices, which are mainly on US dollars to assess the market," said Ashish Singhal, co-founder and CEO of Coinswitch, to block works.

"However, this [dollar] indices do not convey a truthful image of the Indian market, since they do not take into account the specific demand or the offer of the market based on the Indian rupie or the INR change course."

The index represents the overall market value of all crypto assets traded on the Indian market relative to a base date of October 1, 2020 and a base value of 1,000 Indian rupees ($ 12.90) and not in US dollars. The data is updated 1,400 times a day to ensure that observers are always up to date and supplemented new components every quarter.

The CRE8 Index had recently increased by 0.88 % at the time of going to press, but has fallen by 44 % in the past 12 months.

In the USA, investors can follow various similar benchmarks, such as Z S & p Kryptowädungsdex and the nasdaq-krypto-index . Coinshares, an investment company for digital assets, also maintains several indices Suitable for investors with different engagements are.

With a value of almost $ 2 billion, Coinswitch is a well-known crypto exchange in India, which is supported by investors such as Andreessen Horowitz (A16Z), Coinbase Ventures, Tiger Global and Sequoia Capital. According to the company, it has 18 million registered users.

The trade volume in India broke a in April Had imposed tax on crypto revenue, which criticized some as a drastic step that destroys the country's economy for digital assets.