WazirX founder Nischal Shetty and former Zebpay CEO Avinash Shekhar launched their new venture Pi42, a crypto-INR futures exchange that will help users invest in the crypto tokens without worrying about paying tax deducted at source (TDS).
This comes at a time when the crypto industry is gearing up for a possible boom in the market following US SEC’s approval of Bitcoin ETF and the impending Bitcoin halving event in 2024.
The platform is registered under Financial Intelligence Unit – India (FIU-IND) and is starting with offering trading options like margin trading, stop-loss orders, and other advanced tools to manage risks. Pi42 is currently offering five tokens including Bitcoin, Ether, Solana, MATIC and XRP. Retail investors will be able to access crypto market with a leverage of up to 20x and no expiry dates.
Crypto futures exchange allows investors to speculate and trade on the future price of cryptocurrencies. This will also mean as the investor continues to hold the token for a longer period, they won’t have to pay the 1 percent TDS which is required in spot trading transactions.
Following its India launch, the platform aims to expand across the key global markets by targeting over 30 million Indian crypto investors over the next 2-3 years.