a16z-Backed Indian Crypto Exchange Launches the First Rupee-Based Index

The a16z-backed Indian crypto exchange – CoinSwitch Kuber – announced the launch of an index that tracks the performance of crypto assets based on the Indian rupee rather than the US dollar.

  • CoinSwitch CEO Kuber Ashish Singhal tweeted the latest updates regarding the newly unveiled index, the Crypto Rupee Index (CRE8). He stated that it will provide a true picture of the Indian market and help local investors make “informed investment decisions,” as they no longer need to “second-guess how the Indian Crypto market is behaving.”
  • CRE8 is the first product offering such a direct view of the market in India.
  • As one of the largest exchanges in the country, CoinSwitch Kuber said it has 18 million registered users on its trading app, and they can directly access the new product.
  • The new index, tracking the performance of eight predominant crypto assets that account for over 85% of the total volume traded in rupees, will be refreshed over 1,400 times a day (approximately one time per minute) to ensure that it follows the real-time market movement.
  • As reported previously by CryptoPotato, major exchanges based in India have witnessed a sharp decline in trading volume after the controversial tax introduced by the government came into effect on April 1st. Indian government’s Budget 2022-23 stated that it would levy a 30% tax on profits and 1% TDS on all cryptocurrency transactions.
  • Singhal previously urged the authorities to lay out a set of laws further clarifying regulatory uncertainties on cryptocurrency to boost the sector and protect investors.
  • In October 2021, the exchange raised $260 million from renowned VCs, including Andreessen Horowitz (a16z), Coinbase Ventures, Tiger Global, and Sequoia Capital, reaching a valuation of $1.9 billion.
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