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Largest Indian Crypto App Launches First Rupee-denominated Index

Thu, 06/02/2022 - 12:27
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Gamza Khanzadaev
You can now feel pulse of Indian crypto market via this new index
Largest Indian Crypto App Launches First Rupee-denominated Index
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One of the largest crypto exchanges in India, CoinSwitch, launched the first Rupee-denominated crypto index. The purpose of the CRE8 index, according to Ashish Singhal, co-founder of CoinSwitch, will provide greater transparency of the Indian cryptomarket and create a simple and convenient indicator of its state so that investors can make more well-rounded decisions.

The eight largest currencies by market capitalization were selected for the CRE8 index. The final composition of the index, in decreasing order of the value of each component, looks like this:

  • Bitcoin (BTC) - 36.2%
  • Ethereum (ETH) - 23.4%
  • Binance Coin (BNB) - 11.1%
  • Ripple (XRP) - 6.7%
  • Cardano (ADA) - 6.3%
  • Solana (SOL) - 6.1%
  • Polkadot (DOT) - 5.2%
  • Dogecoin (DOGE) - 5%

The starting date for the CRE8 index is October 1, 2020, and the initial base value is 1000 INR. At the time of writing, the index value is 3131 INR. It is important to note that the index only has an informational function; it cannot be invested in or traded in any way.

Conflict of interest, Indian style

Despite the fact that the Indian government is extremely cautious and treats cryptocurrencies with a significant share of negativity, the country's cryptocurrency market continues to grow and develop.

The number of crypto enthusiasts in one of the most populated countries in the world is steadily growing. Moreover, according to the latest Finder research report, India is the leader in the number of people who have experienced NFT gaming and engaged in the P2E sector of the crypto market, with a response rate of 42%.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.