Indian crypto exchange CoinSwitch Kuber has announced the launch of a rupee-denominated index that tracks the dynamics of digital assets.

All about CRE8: one-of-a-kind in rupees #Crypto by index #CoinSwitch!

Find the CRE8 Index here: https://t.co/pRux4j4zdb pic.twitter.com/zhofpdN5HY

— CoinSwitch Kuber: India’s Largest Crypto App 🚀 (@CoinSwitchKuber) June 3, 2022

The Crypto Rupee Index (CRE8) is based on the price behavior of eight cryptocurrencies – BTC, ETH, BNB, XRP, ADA, SOL, DOT and DOGE. They account for 85% of the capitalization of the digital asset market in rupees.

The index is updated every minute 24/7. CRE8 generates real transactions in the CoinSwitch app. According to the exchange, it has 18 million users.

Rebalancing is carried out on the 25th of each month, overhaul of components – quarterly.

“CRE8 gives users a simple and clear view of the Indian marketAshish Singhal, CEO of CoinSwitch Kuber, said.

Recall that in October 2021, CoinSwitch Kuber raised $260 million in its Series C funding round, reaching a valuation of $1.91 billion.

Previously, the exchange had disabled the function of depositing in rupees through the payment system. UPI due to regulatory uncertainty

In recent years, disclosures by Indian authorities of legal initiatives related to cryptocurrencies have ranged from a complete ban of digital currencies even with criminal liability to possible regulation as assets.