Indian cryptocurrency exchange CoinSwitch Kuber launched CRE8 on Thursday, a rupee index tracking the Indian crypto market.
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Fast facts
- CRE8 claims to give traders real-time information on the Indian rupee-based crypto market, based on trades on the CoinSwitch exchange.
- “Until now, investors in India had to rely on international indices based on U.S. dollar. 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,” CoinSwitch cofounder Ashish Singhal said on Twitter.
- Trading volumes on India’s major cryptocurrency exchanges have slumped to their lowest in years after new taxes kicked in on April 1.
- The local industry’s access to financial services has reportedly been limited due to the central bank’s pressure on banks and financial institutions.
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