CoinSwitch Launches CRE8, First Benchmark Index For Crypto Market In Indian Rupee

The mobile app providing platform for investing in Cryptocurrencies CoinSwitch has launched India’s first benchmark index to measure the performance of the India Rupee-based crypto market, the Crypto Rupee Index (CRE8).

CRE8 tracks the performance of eight Crypto assets that represent over 85 per cent of the total market capitalisation of cryptocurrencies traded in Indian Rupee.

The index is based on real trades on the CoinSwitch app, trusted by over 1.8 Crore registered users.CRE8 is live at coinswitch.co/crypto-index for Crypto users to study the Indian Crypto market. 

Founded in 2017 as a single-window to purchase Crypto from global exchanges, CoinSwitch expanded to INR-Crypto trading in June 2020, providing millions of Indians with a simple, safe, and secure platform to participate in the Crypto revolution.

Backed by blue-chip investors including Andreessen Horowitz (a16z), Coinbase Ventures, Tiger Global, Sequoia Capital, Ribbit Capital, and Paradigm, the company is valued at USD 1.9 billion.

Commenting on the launch of Index, Ashish Singhal, Co-founder and CEO, CoinSwitch said, “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. The index provides a trustworthy, real-time view of the Indian Rupee-denominated Crypto market based on actual trades, enabling Indian users to make informed investment decisions.”

The index provides real time insight on the Crypto market based on actual transactions on CoinSwitch; is refreshed over 1,400 times a day to ensure reflection of real time market movement; and is INR denominated unlike any other international currency denominated metric.

The index will be rebalanced monthly and reconstituted every quarter to stay up to date with the market. 

About CoinSwitch

CoinSwitch is on a mission to Make Money Equal for All. India’s largest app providing facility to invest in Cryptocurrencies and a Great Place to Work, CoinSwitch is creating an ecosystem that simplifies Crypto and is trusted by over 18 million registered users.

Founded in 2017 by Ashish Singhal, Govind Soni, and Vimal Sagar Tiwari, and backed by blue-chip investors including Andreessen Horowitz (a16z), Tiger Global, Sequoia Capital, Ribbit Capital, Paradigm, and Coinbase Ventures, the company is evolving into a wealth-tech destination for every Indian.

Crypto Market In India

According to a report by Chainanalysis published earlier this year, the country has become the second-highest among the heaviest users of cryptocurrencies around the world in 2021.

As per the report, the Indian market for crypto grew 641 per cent in 2021.

Vietnam is the undefeated topper in the ranking and Pakistan is in the third position, according to the research, scoring high on overall crypto transaction value as well as payments made by individuals.

“Many emerging markets face significant currency devaluation, driving residents to buy cryptocurrency on Peer-to-Peer (P2P) platforms in order to preserve their savings,” the report stated.

The reason behind the crypto-fever in India, according to the report is that investing inequities in the country is a ‘long, painful’ process that requires them to sign a lot of documents. It takes about three or four days.

On the other hand,investing in crypto takes less than an hour.

Global Crypto Market

According to Allied Market Research, the global cryptocurrency market size was valued at USD 1.49 billion in 2020, and is projected to reach USD 4.94 billion by 2030, growing at a CAGR of 12.8 per cent from 2021 to 2030.

Increase in need for operational efficiency and transparency in financial payment systems, rise in demand for remittances in developing countries, increase in data security, and improved market cap are the major factors that drive the growth of the global cryptocurrency market.

Moreover, high implementation cost and lack of awareness of cryptocurrency among the people in developing nations hamper the cryptocurrency market growth.

Furthermore, increase in demand for cryptocurrency among banks in some parts of world, and financial institutions and untapped potential on emerging economies are expected to provide lucrative opportunity for the market expansion during the forecast period.