Pi42: A Crypto-INR Perpetual Futures Exchange for Indian Investors
Avinash Shekhar, former ZebPay CEO, and Nischal Shetty, co-founder of WazirX, have recently launched Pi42, a crypto-INR perpetual futures exchange designed specifically for Indian investors. With the recent regulatory concerns surrounding crypto in India, Pi42 aims to provide relief to the Indian crypto community.
Pi42’s Unique Features: No TDS or Conversion Fees
One of the standout features of Pi42 is that it offers crypto derivatives trading in INR without any conversion fees or Tax Deducted at Source (TDS). This is because crypto futures do not fall under the category of Virtual Digital Assets (VDAs) according to the Income Tax Act.
The platform currently supports five major tokens: Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Polygon (MATIC), and XRP. Pi42 also has a customer-friendly fee structure, allowing free INR deposits via manual bank transfers. It charges a nominal 0.1% fee for instant bank transfers and a flat Rs 15 withdrawal fee per transaction.
Competitive Trading Fees and Growing Adoption
Pi42 offers highly competitive trading fees, with a maker fee of 0.05% and a taker fee of 0.10%. Combined with the absence of TDS, this makes Pi42 an attractive option for Indian investors interested in crypto futures trading. Additionally, there is a growing movement in India to reduce crypto taxes, which could further drive adoption of Pi42.
Collaboration Between WazirX Founder and Ex-ZebPay CEO
Nischal Shetty and Avinash Shekhar, both well-known figures in India’s crypto industry, have come together to launch Pi42. The exchange is specifically tailored for Indian traders and aims to meet the increasing demand for crypto futures trading in the country. Pi42 has also started the registration process with the Financial Intelligence Unit to ensure transparency and comply with anti-money laundering regulations.
Shetty and Shekhar have provided initial capital for the launch of Pi42 and plan to seek additional funding in the future. Their vision goes beyond just providing a seamless trading experience; they aim to drive innovation and growth in India’s digital currency ecosystem. The platform has set a goal of onboarding over 30 million Indian crypto investors within the next two to three years while maintaining compliance with the Prevention of Money Laundering Act (PMLA) guidelines.
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