In the latest news, CoinSwitch Kuber has released a Rupee-Based Index. This will track the performance of digital assets according to the Indian rupee. Most exchange platforms show performance according to the Dollar.
However, it is not clear if this will rejuvenate the enthusiasm of investors. This is because the crypto market is currently on the downside.
Kuber Ashish, the CEO of CoinSwitch tweeted about the CRE8 (Crypto Rupee Index). It is the latest unveiled index that will showcase the Indian crypto market.
Benefits Of The CRE8
Ashish believes with this index, investors will have a true image of the market in India. As a result, they will be able to make calculated investment decisions.
Investors no longer have to make guesses about the situation of the crypto market in India. Hopefully, this will attract more local traders to invest in the crypto sector.
CRE8 is the latest product that is showcasing how the Indian crypto market is. Meanwhile, CoinSwitch Kuber is among the largest crypto exchange in India. Currently, it has over 18 million registered traders on its app. The good news is that they all have access to this new product.
Furthermore, the latest index will be updated up to 1,400 times each day. This will ensure that it changes as the price fluctuates in the market.
Meanwhile, the index will track the performance and success of over 8 popular digital assets. These digital assets account for almost 85% of the overall volume traded in rupees.
Crypto Trading Drops In India
According to the report by CryptoPotato, trading volumes in India have dropped. Major crypto exchange platforms recorded a sharp reduction in amounts of trade.
The fall occurred after the government imposed a 30% tax on crypto gains. The law gained full effect on the 1st of April. Additionally, the government imposed a 1% levy on all crypto transactions.
Previously, Singhal urged regulatory authorities in India to regulate the crypto sector. He noted that the uncertainties surrounding the crypto in India are scaring investors away.
In addition, most Indians who have crypto do not know what to do. The entrepreneur believes proper regulation will help attract investors. Also, he asked the regulators to remove the levy on crypto gains and transactions.
Last year October, the crypto exchange raised over $260 million. Popular venture capitalists such as Sequoia Capital, Tiger Global, Coinbase Ventures, and Andreessen Horowitz. Also, this brought the valuation of the company to around $1.9 billion.