It’s not certain whether the new index will be able to reignite domestic investors’ excitement for digital assets in the midst of the global equities selloffs.
CoinSwitch Kuber, the Indian crypto exchange supported by a16z, has announced the development of an index that analyses the performance of crypto assets in Indian rupees rather than US dollars.
The Crypto Rupee Index, just published by CoinSwitch CEO Kuber Ashish Singhal, was the subject of a tweet from Singhal (CRE8). “Informed investment choices” may now be made by Indian investors without having to “second-guess how the Indian Crypto market is performing,” he said.
CRE8 is the first product in India to provide such an up-close look into the market. With 18 million registered users on its trading app, CoinSwitch Kuber claims to be one of the biggest exchanges in the nation.
India’s new crypto-asset index, which tracks the performance of eight of the most popular crypto assets, will be updated 1,400 times a day (roughly once a minute) to keep up with the real-time market activity.
Earlier this month, CryptoPotato claimed that major Indian exchanges saw a significant drop in trading activity after the government’s introduction of a contentious tax on April 1. The Indian government’s Budget 2022-23 said that it will impose a 30 percent tax on earnings and a 1% TDS on all transactions using cryptocurrencies.
When it comes to cryptocurrencies, one of Singhal’s prior recommendations was for the government to pass legislation that would remove regulatory uncertainty and safeguard investors.
After raising $260 million from notable VCs like Andreessen Horowitz (a16z), Coinbase Ventures, Tiger Global, and Sequoia Capital in October of 2021, the exchange was valued at $1.9 billion.