CoinSwitch launches Crypto Rupee Index

CoinSwitch, the largest crypto investment app in India, announced Thursday the Crypto Rupee Index (CRE8),  the first benchmark index in the country to measure the performance of the rupee-based crypto market.

CRE8, owned and managed by CoinSwitch,  tracks the performance of eight crypto assets. It accounts for more than 85% of the total market capitalization of cryptocurrencies traded in Indian Rupees. This index is based on actual transactions in the CoinSwitch app with over 18 million registered users.

The index includes Bitcoin, Ethereum, Binance coin, Ripple, Cardano, Solana, Polkadot, and Dogecoin. The CRE8 index is calculated using the weighted market capitalization (square root) method. In addition, it shows the sum of the market values ​​of all crypto assets for a specific reference period and reference value.

According to the platform, the index provides real-time insights into the crypto market based on actual transactions on CoinSwitch and is updated more than 1,400 times a day to reflect market movements in real-time.

CoinSwitch was established in 2017 as a single window for buying crypto from global exchanges and has been expanded to include Rupee crypto trading in June 2020.