CoinSwitch Kuber launches India’s first crypto rupee index, Economic Times reports

India’s crypto exchange CoinSwitch Kuber earlier this week introduced its Crypto Rupee Index (CRE8), the first benchmark index to measure the performance of the Indian rupee-based crypto market, according to the Economic Times.

“Owned and administered by CoinSwitch, CRE8 tracks the performance of eight crypto assets that represent over 85 per cent of the total market capitalization of cryptos traded in Indian rupee. The index is based on real trades on the CoinSwitch app, trusted by 18 million registered users,” the company told ET.

The index provides a real-time look into the Indian crypto market based on CoinSwitch transactions, the ET reported. It is refreshed more than 1,400 times a day.

“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,” CoinSwitch Kuber CEO Ashish Singhal said.

Founded in 2017, CoinSwitch Kuber is backed by investors including Andreessen Horowitz (a16z), Coinbase Ventures, Tiger Global, Sequoia Capital, Ribbit Capital and Paradigm. The company is valued at $1.9 billion.