Exchange News- CRE8 is expected to bridge the Indian crypto market with world crypto forums.
- CRE8 contains 8 coins that capture most of the market volume.
CoinSwitch has launched a new website CRE8 which is an abbreviation for Crypto Rupee Index and the eight represent the top eight cryptocurrencies in the market. The top 8 is estimated from the maximum market capitalization and this is subjected to an update at every three months interval.
The CEO and Co-founder of CoinSwitch, Ashish Singhal tweeted about the mixed interpretation of other nations’ economies and the missing classification of data as per the Indian crypto ecosystem. He is confident that CRE8 will bridge this gap and provide necessary information to Indian investors.
CoinSwitch Kuber tweet:
Significance in CRE8
The top 8 crypto’s taken into account for CRE8 are BTC, ETH, BNB, XRP, ADA, SOL, DOT, and DOGE. These cryptos hold more than 80% of the total market cap and they are the prominent players among the Indian crypto users.
The user count for the listed eight cryptos sums up to 1.8 crores of registered members. The price value for each coin will be displayed in INR value rather than USD as in other indexing sites. The opening and closing value of the market is calculated at the time frame of 12 AM IST and 11.59 PM IST respectively.
The market value can be viewed weekly, monthly, or in 24 hrs specifics, historic data can also be collected as of 1 Oct 2020. One more feature for standardization is the 4 PM IST daily fix, which is anticipated to be used for publishing purposes. The team is also planning to launch the mobile app for CRE8 very soon.
Source: https://thenewscrypto.com/indias-first-crypto-indexing-site-cre8/