Crypto industry veterans, Nischal Shetty and Avinash Shekhar, have announced the launch of their new venture, Pi42, a crypto-INR perpetual futures exchange.
According to an official release, Pi42 aims to address challenges by offering Indian investors a solution that not only provides a range of derivatives but also ensures compliance, tax efficiency, and convenience. From what it’s understood, investors can deposit and trade directly in INR, eliminating the need for conversion fees, complexities and TDS, along with allowing investors to gain exposure to the crypto market with leverage up to 20 times and no expiry dates.
It’s believed that one can take advantage of margin trading, stop-loss orders, and other tools to manage risk and maximise their profits. Reportedly, Pi42 complies with the Prevention of Money Laundering Act (PMLA) guidelines and has applied for Financial Intelligence Unit (FIU) approval, and is crafted by a team with experience in crypto, finance, regulation and taxation. Pi42 is expected to be led by both Shetty and Shekhar as co-founders, wherein the former will be leading the growth strategy of the company while the later will be heading the verticals of finance, operations, regulatory compliance, among others.
“I believe that the approach Shetty and Shekhar are taking in building Pi42 will contribute to shaping the crypto futures landscape in India. We hope to see growth in India’s crypto ecosystem through Pi42’s security mechanisms and compliance measures,” Rahul Pagidipati, an Indian crypto entrepreneur and investor, Pi42, said.