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WazirX founder Nischal Shetty and erstwhile chief executive of Zebpay Avinash Shekhar have joined hands to launch a rupee-denominated futures exchange for crypto traders. Called Pi42, the India-registered platform will allow Indian crypto enthusiasts to engage in derivative trading in the local currency. Until recently, Indians mostly had to use international exchanges for derivative trading.
Pi42 has already applied for registration with the Financial Intelligence Unit of the federal government to abide by the Prevention of Money Laundering guidelines.
Investors will be allowed to take exposure to the crypto market with leverage up to 20 times their holdings and no expiry dates, the company said in a note issued on Tuesday. It offers features like margin trading, stop-loss orders, and other advanced tools to manage risk and maximise profits, the note said.
At Pi42, Shetty will be leading the overall growth strategy of the company, while Shekhar will be heading the key verticals of finance, operations and regulatory compliance among others.
While the founders have pumped in the initial money to set up the business, Pi42 will look to raise external funding once it starts operations. The startup employs around 20 people currently.
Shetty, who ran WazirX, one of the largest local crypto trading platforms, said he joined Pi42 as a cofounder since it will help expand the crypto market and build more advanced trading products and services for crypto traders in India.
The announcement comes days after India’s Financial Intelligence Unit (FIU), which falls under the purview of the Ministry of Finance, issued show-cause notices to 9 offshore cryptocurrency platforms under the stringent Prevention of Money Laundering Act (PMLA). Those served with the show-cause notice include big-ticket virtual digital assets platforms like Binance and Kucoin. The notices are issued for non-compliance with the anti-money laundering legislation.
Pi42 has already applied for registration with the Financial Intelligence Unit of the federal government to abide by the Prevention of Money Laundering guidelines.
Investors will be allowed to take exposure to the crypto market with leverage up to 20 times their holdings and no expiry dates, the company said in a note issued on Tuesday. It offers features like margin trading, stop-loss orders, and other advanced tools to manage risk and maximise profits, the note said.
At Pi42, Shetty will be leading the overall growth strategy of the company, while Shekhar will be heading the key verticals of finance, operations and regulatory compliance among others.
While the founders have pumped in the initial money to set up the business, Pi42 will look to raise external funding once it starts operations. The startup employs around 20 people currently.
Shetty, who ran WazirX, one of the largest local crypto trading platforms, said he joined Pi42 as a cofounder since it will help expand the crypto market and build more advanced trading products and services for crypto traders in India.
The announcement comes days after India’s Financial Intelligence Unit (FIU), which falls under the purview of the Ministry of Finance, issued show-cause notices to 9 offshore cryptocurrency platforms under the stringent Prevention of Money Laundering Act (PMLA). Those served with the show-cause notice include big-ticket virtual digital assets platforms like Binance and Kucoin. The notices are issued for non-compliance with the anti-money laundering legislation.
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