In India, the crypto industry is booming, and several players are expressing interest in investing and providing services for investors.
CryptoWire, a cryptocurrency app for Indian investors, has launched a dedicated index. As the first index of its kind in the country, the IC15 will track the performance of 15 most popular crypto coins worldwide.
Among the launch’s objectives is to promote awareness of crypto and the blockchain technology that underlies it among investors. Around the same time, authorities are trying to set rules that will regulate the new industry.
During this winter session, the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, was expected to get the support of Parliament. However, that was not to be. While it is not enthusiastic about private crypto coins, the Reserve Bank of India (RBI) has said that it will launch its own cryptocurrency.
Here are the key things that you should know about the IC15 index:
Mumbai-based CryptoWire is the company behind IC15, which allows crypto enthusiasts and investors to follow cryptocurrency markets around the world. Among the top 15 crypto coins that will be tracked are Bitcoin, Ethereum, XRP, Bitcoin Cash, Cardano, Litecoin, Binance Coin, Chainlink, Polkadot, Uniswap, Dogecoin, Solana, Terra, Avalanche, and Shiba Inu.
An index governance committee comprising industry experts, academicians and domain experts will oversee the index’s functioning. This committee will rebalance the index every quarter. According to the company, it aims to provide insights into crypto mining and help investors mitigate risk by making informed decisions.
IC15 requires crypto coins to trade at least 90% of the trading days during the review period, and their market capitalisation during the preceding month needs to be among the top 50.
April 1, 2018, is the base date and the base value is set at 10,000.