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The global cryptocurrency market has been in turmoil over the past few months. Massive selloffs have plunged the value of different cryptocurrencies across the market, but this has not prevented crypto companies from launching new products.
CoinSwitch Kuber, a cryptocurrency exchange based in India backed by Andreessen Horowitz’s a16z, has unveiled an index that will track the performance of cryptocurrency assets. The index will track prices based on the rupee and not the US dollar.
CoinSwitch Kuber launches rupee-based index
Given the ongoing recession across the cryptocurrency market, it is unclear if this index will make domestic investors go back to the digital asset sector. The current bear market has forced many Indian-based investors to liquidate their holdings; hence, the local trading volumes have been significantly low.
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The CEO of CoinSwitch, Kuber Ashish Singhal, confirmed the launch of the index. He also tweeted the latest updates on the Crypto Rupee Index (CRE8) index. According to the executive, the index will offer exposure to the Indian market and allow local investors to make good trading decisions.
The CRE8 index will promote informed decision-making because investors will no longer “second-guess how the Indian crypto market is behaving.” CRE8 is the first product offering launched by the exchange, and it is promoting a direct view of the crypto space in India.
CoinSwitch Kuber is one of the largest cryptocurrency exchanges in India. The exchange has 18 million registered users on the trading app, allowing them to access the new product directly.
The CRE8 index will track the performance of India’s eight most popular cryptocurrencies, that account for 85% of the trading volumes made in rupees. The index will be refreshed more than 1400 times daily to ensure it reflects real-time market data.
Crypto trading in India has slumped
Some of the top cryptocurrency exchanges in India have recorded a notable decline in trading volumes following the controversial tax unveiled by the government on April 1. According to India’s Budget 2022-23, a 30% tax would be imposed on crypto gains and a 1% TDS on all crypto transactions.
Singhal was among the crypto executives in India that urged the government to create a clear regulatory framework for cryptocurrencies to support the sector’s growth and protect investors.
In October last year, CoinSwitch Kuber secured a $260M fund from some of the top crypto venture firms, including a16z, Coinbase Ventures, Sequoia Capital, and Tiger Global. The funding increased the firm’s valuation to $1.9 billion.
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