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

CoinSwitch Kuber, an Indian crypto exchange that is backed by a16z, announced the launch a new index that tracks crypto assets’ performance based on the Indian rupee and not the US dollar.

Kuber Ashish Singhal, CoinSwitch CEO, tweeted the most recent updates about the Crypto Rupee Index. (CRE8) It will give a true picture about the Indian market, and local investors will be able to make informed investment decisions. Until now, Indian investors had to rely only on international indices that were based on the US Dollar. These indices don’t give a true picture of India and ignore the demand-supply dynamics of India’s growing investor community.

— Ashish Singhal (@ashish343) June 2, 20,22

CRE8 is the first product to offer such a direct view into the Indian market. The controversial tax imposed by the Indian government on April 1st caused a dramatic drop in trading volume. The Indian government announced in Budget 2022-23 that it would impose a 30% profit tax and 1% TDS on all cryptocurrency transactions. It reached a valuation of $1.9billion with $260 million raised by renowned VCs like Andreessen Horowitz (a16z), Coinbase Ventures and Tiger Global.
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