As India is witnessing a booming crypto industry, several players are showing interest in investing and offering services for investors in the country. In that effort, cryptocurrency app CryptoWire has launched a dedicated index for Indian investors. Named IC15, the first such index in the country will monitor the performance of the 15 most-traded crypto coins in the world. The company says it intends to create awareness about crypto and its underlying blockchain technology among investors. The launch has come at a time when there are some efforts from authorities to set rules to regulate the new industry as it unfolds.
The crypto bill, called the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, was expected to get Parliament’s approval this winter session but it could not be done. The Reserve Bank of India (RBI), which is not excited about the private crypto coins, has said it is working to launch its own cryptocurrency.
Here are the key things that you should know about the IC15 index:
* CryptoWire, the Mumbai-headquartered company behind IC15, is a unit of crypto statistics provider TickerPlant. The index enables crypto enthusiasts and investors to monitor the performance of cryptocurrencies in global markets.
* The index will monitor the top 15 crypto coins listed on major exchanges around the world. These coins are – Bitcoin, Ethereum, XRP, Bitcoin Cash, Cardano, Litecoin, Binance Coin, Chainlink, Polkadot, Uniswap, Dogecoin, Solana, Terra, Avalanche, and Shiba Inu.
* A governance committee will oversee the functioning of the index. This committee will have domain experts, industry practitioners and academicians. They will administer and rebalance the index every quarter.
* The company says the index has been designed to offer insights into crypto mining and help investors make informed decisions to mitigate risks.
* For a crypto coin to be listed on IC15, it needs to trade on at least 90 per cent of the trading days during the review period. Its market capitalisation during the preceding month should also remain in the top 50.
* The base value is set at 10,000 and April 1, 2018, is the base date.