Recently, CryptoWire (a business unit of TickerPlant) has launched India's first index of crypto which is named IC15. IC15 is India's first index of crypto-currencies that tracks the performance of the top 15 cryptos.
According to CryptoWire,
The INDEX OF CRYPTOS (IC15) is a rule-based broad market index by market capitalization, that tracks the performance of widely traded liquid cryptocurrencies in the world. The index enables crypto enthusiasts, investors, and investment managers to monitor the performance of cryptocurrencies in the global markets.
PC: CryptoWire.in
The feature of having this index is that we can get the industry barometer, as well as its best for doing the dollar, cost averaging and thus since the benchmark is set it is easy to replicate.
PC: CryptoWire.in
Now having this is good, because we can track all the 15 good cryptos and their performance but doesn't it already have, there is a lot of indexes already present and what benefit it brings is not very clear. Though when you are investing using the help of IC15, we can say that it can help mitigate the risk but not 100%. This can only serve to provide insights to the investors just like the ETF's.
Now the 15 crypto's which is currently in IC15 is not constant, there is an Index Givernaance committee that will select the best 15 out of 400 cryptos based on the market capitalisation. And for the coin to qualify for the index position it must be traded 90% of the review period. And then they will be given a weightage proportionate to the price per token.
PC: CryptoWire.in
Now having this is good instead of not having it, but again I am not 100% confident on this because anyone can actually check the market cap and do the investment.