Explained: How does IC15, India's first cryptocurrency index, work? How will it help investors?

cnbctv18.com:

The cryptocurrency market is growing rapidly in the country. Reports suggest nearly 8 percent of Indians now own cryptos.

According to a November 2021 report by crypto research and intelligence business CREBACO, India’s investment in cryptocurrencies ballooned to more than $10 billion from $923 million in April 2020.After a significant run-up in 2021, cryptocurrencies have entered a correction phase. The impending cryptocurrency regulation bill and the Reserve Bank of India's warnings against the use of cryptos have also kept cryptos under pressure.

The crypto market is more volatile than the stock markets and can prove risky for investors, particularly retail investors who invest without proper knowledge. While some popular platforms such as WazirX and CoinSwitch Kuber were so far facilitating crypto trading, there was no dedicated crypto index in the country yet.CryptoWire, a crypto super application of TickerPlant, now wants to fill the gap.

It has launched India's first crypto index – IC15. According to Jigish Sonagara, MD and CEO, "CryptoWire is positioned to emerge as a partner of the industry to spread knowledge, research and information, and help participants make informed decisions."Read on to know what this index is all about and what it means for crypto investors in the country.Also Read // Explained: What are crypto credit cards and how do they workHow does the IC15 index work?The IC15 will feature the 15 most traded cryptocurrencies listed on leading crypto exchanges across the world by market capitalisation.