Despite India’s crackdown down on digital currencies, the country’s cryptocurrency industry has been exponentially growing in the last few years.
To provide an understanding of the crypto mining industry and to empower the blockchain ecosystem, CryptoWire, a global crypto super app and a special business unit of Tickerplant, has launched the country’s first global crypto index, named IC15.
The rule-based broad market index by trading capitalization, IC15, tracks, and gauges the performance of the top 15 most traded liquid cryptocurrencies recorded on the major global crypto exchange platforms.
The components of IC15 include Shiba Inu, Bitcoin, Cardano, Etherium, Litecoin, XRP, Binance coin, Bitcoin Cash, Dogecoin, Uniswap, Avalanche, Solana, Chainlink, Terra, and Polkadot.
Among all the tokens, Bitcoin tops the list with the highest weight of 51.57, followed by Ethereum and Binance with 25.79 and 5.03 weightage respectively on the Index.
All the other tokens weigh less than 5 weightage.
The index does not embrace stablecoins such as the USD coin and Tether.
Fundamental tracking and evaluating tool
During the announcement on Monday, January 3rd, 2022, CryptoWire said that the index captures over 80% of the market trends, hence a reliable and fundamental tracking and measuring market tool.
CryptoWire’s Managing Director, Jigish Sonagara, said it aims to mitigate risks and facilitate crypto industry development through the provision of tech-savvy tools to enhance transparency and make informed decisions.
A committee for managing, monitoring, supporting, and quarterly rebalancing the index is already in place and comprises industry practitioners, academicians, and domain experts.
With the launch of IC15, CryptoWire added they are pushing for the ‘learn and earn’ initiative while serving the industry with a powerful and comprehensive intervention.
The index is dated April 1st, 2018, and its base value is set at 10,000.
The Mumbai-based company plans to position itself in spreading information and research while enabling crypto enthusiasts and investors to monitor and evaluate the performance of digital currencies in the global market.
IC15 is designed as a technology-empowered and research-oriented index that will help investors diversify their portfolios and probably become the preferred tool in creating index-related products such as ETFs and index funds.
Strict regulations
While CryptoWire has great plans and inventive ambitions, the formalization possibility of the crypto index fund is uncertain.
All homegrown mutual fund investors were recently banned from making crypto-related investments by the Securities and Exchange Board of India (SEBI) until the digital currency laws were formalized.
India has been positioning itself as a major crypto industry player despite the strict regulatory measures, particularly after China’s exit.
As stated by the National Association of Software and Services Companies (Nasscom), in association with cryptocurrency platform, WazirX, the country’s crypto industry will reach $241 million by 2030.
