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Indian Exchange CoinSwitch Kuber Unveils Crypto Rupee Index

The Crypto Rupee Index (CRE8) will track the performance of the eight biggest crypto assets denominated in Indian rupees instead of the U.S. dollar.

By Amitoj Singh
AccessTimeIconJun 2, 2022 at 10:53 a.m. UTC
Updated May 11, 2023 at 3:36 p.m. UTC
Left to right: Vimal Sagar, co-founder and chief operating officer; Govind Soni, co-founder and chief technology officer; and Ashish Singhal, co-founder and CEO (CoinSwitch Kuber)
Left to right: Vimal Sagar, co-founder and chief operating officer; Govind Soni, co-founder and chief technology officer; and Ashish Singhal, co-founder and CEO (CoinSwitch Kuber)
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CoinSwitch Kuber, one of India's most prominent crypto exchanges, has started an index denominated in Indian rupees that will give real-time information on the performance of the eight largest cryptocurrencies by market capitalization.

  • The Crypto Rupee Index (CRE8) is a first in the Indian market, which has previously had to "rely on the international indices based on the US Dollar," tweeted CEO and co-founder of CoinSwitch Kuber Ashish Singhal. "But these indices do not give the true picture of the Indian market and miss the supply-demand dynamics of India’s growing investor base," he added.
  • The company says CRE8 will be refreshed over 1,400 times a day to ensure reflection of real-time market movement and that it tracks the performance of eight crypto assets that represent over 85% of the total market capitalization of the crypto market traded in Indian rupees.
  • The CRE8 index is based on trades made on the CoinSwitch Kuber app, which the company says has 18 million registered users.
  • Trading volumes in India have plummeted recently due to a stiff new crypto tax and other recent developments, including the rough local launch of crypto exchange Coinbase (COIN). Therefore, it is not clear how many of CoinSwitch Kuber's 18 million registered users are still active.
  • "#CRE8 is a demonstration of our commitment to bring more transparency to the Indian crypto market and equip users with a simple, easy-to-understand measure of the Indian market. Indian investors and market observers no longer have to second-guess how the Indian Crypto market is behaving," Singhal tweeted.
  • CoinSwitch Kuber's investors include Andreessen Horowitz (a16z), Coinbase Ventures, Tiger Global and Sequoia Capital.

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Amitoj Singh
Amitoj Singh

Amitoj Singh is a CoinDesk reporter.

Follow @amitoj on Twitter

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