Nischal Shetty, the founder of WazirX, and Avinash Shekhar, the former CEO of Zebpay, have introduced Pi42. This crypto-INR futures exchange aims to enable users to invest in crypto tokens without facing the hassle of TDS deductions.
Pi42, registered under the Financial Intelligence Unit – India (FIU-IND), offers various trading options, such as margin trading and stop-loss orders to manage risks effectively.
Initially, it will provide trading for five tokens: Bitcoin, Ether, Solana, MATIC, and XRP. The platform offers retail investors leverage of up to 20x with no expiry dates.
Holding tokens for extended periods exempts them from the 1 percent TDS required in spot trading transactions.
Following its launch in India, Pi42 aims to expand into global markets by targeting over 30 million Indian crypto investors within the next 2-3 years.
Shekhar, co-founder of Pi42 said, “In terms of volumes, futures or derivatives worldwide is 5-20X to that of spot trading. There is a market and need out there in India too. A lot of things are happening in the crypto ecosystem, lots of innovations, US approval of Bitcoin ETF and bitcoin halving coming in less than 100 days. This is the right time for a new player to enter India.”
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