India launches first rupee index
The vague regulation of the cryptosphere did not prevent the launch of the first index (CRE8) based on the rupee in India. It was launched by the local cryptocurrency exchange CoinSwitch Kuber.
This platform is one of 2 cryptocurrency Indian unicorns. Therefore, the management is striving to expand the functionality of the exchange in order to provide users with more opportunities for successful trading of digital assets.
According to a press release issued by the exchange, the objective of the index will be to reflect the performance of the cryptocurrency market in Indian rupees (INR). At the moment, the index will take into account only 8 major cryptocurrencies, which account for 85% of the crypto market capitalization. These are Bitcoin, Ethereum, Binance Coin, Ripple, Cardano, Solana, Polkadot and Dogecoin.
Ashish Singhal, CEO of the exchange, said that the index will show the state of the market in real time, that is, based on real transactions. This will allow traders to make informed investment decisions.
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