Cryptocurrency app CryptoWire has roll out IC15 index in India which will monitor the performance of 15 most traded cryptocurrencies in the world. CryptoWire is a special business unit (SBU) of crypto stats provider TickerPlant.
As per a press release of company, the launch is intend to escalate awareness and knowledge around the crypto and blockchain ecosystem and further the “learn before earn” concept among investors.
The development comes at a time India is witnessing a boom in the adoption of the crypto culture, despite prevailing concerns around regulation.
The governance committee of the IC15 index comprises of domain experts, industry practitioners, as well as academicians.
They will maintain, monitor, and administer the index while rebalancing it every quarter.
Jigish Sonagara, Managing Director and CEO of CryptoWire Said :
“Our approach is to facilitate market development and mitigate risk to a great degree by presenting all possible tools to evaluate possibilities and make decisions. We want all participants to utilise, to the fullest, this research-oriented, technology-powered opportunity for tracking the market,”.
A cryptocurrency needs to be trade on at least 90% of the trading days during the review period and should be in the top 50 in terms of the circulating market capitalisation during the preceding month among other criteria.
As of 1st January, 2022, Bitcoin, Ethereum, Binance Coin, and Solana are sitting on the top four positions on the IC15 index.
This index may help the rising number of crypto investors in India make aware decisions.
Many studies from research firms like Watcher Guru and BrokerChoose have reveale that India has the highest number of crypto investors in the world.
These number are around 100 million.
The country is yet to announce regulatory laws around the crypto sector.
India’s much awaited crypto bill that was suppose to reach the Parliamentary table during its winter session was sent to the Cabinet for approval earlier this month.
There has been no official word on the bill since.
The bill calls for the ban of all private cryptocurrencies from operating in the nation while also noting that the Reserve Bank of India is working on bringing a centralised national digital currency.
Disclaimer
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by 2YODOINDIA. 2YODOINDIA shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
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