India’s crypto industry veterans, Nischal Shetty (founder of WazirX) and Avinash Shekhar (ex-CEO Zebpay) have launched their new venture, Pi42, the country’s first Crypto-INR perpetual futures exchange, which aims to grow as the largest compliant crypto futures platform in the world.

The exchange makes its debut in India, on Wednesday and aims to expand its reach across the key global markets by targeting the existing 30+ million Indian crypto investors over the next 2-3 years.

“Despite being one of the largest crypto markets in the world, Indian investors are faced with very limited opportunities to participate in the crypto derivatives trading. Moreover, currently, no exchange offers derivatives trading to Indian investors in INR. Pi42 aims to address all these challenges by offering Indian investors a solution that not only provides a range of derivatives but also ensures compliance, tax efficiency, and convenience,” Pi42 said in a release.

Nischal Shetty, Co-founder of Pi42, said, “Our objective behind launching Pi42 is to provide Indian investors, who are also a strong believer in alternative assets, with a convenient and new-age crypto futures trading opportunity thereby helping them in fulfilling their financial goals.”

Avinash Shekhar, Co-founder of Pi42, said, “India is home to one of the world’s largest crypto enthusiast communities and yet we have extremely limited opportunities to explore innovations in crypto such as futures trading. We aim to infuse a new life into the industry for modern-day investors and empower them with a platform that will eventually help them to redefine financial freedom by offering tax-efficient and regulatory-compliant trading options. We aspire to be India’s largest and favourite crypto futures trading platform in the next 12 months.”With this launch, users can now initiate crypto futures trading, seamlessly, using the Android app and website of Pi42 and the exchange is set to launch its app on iOS very soon. Pi42 has already secured banking partners to facilitate fast and secure transactions, the company said.Some of the key features of Pi42 are seamless INR trading, where investors can deposit and trade directly in INR, perpetual futures contracts, and advanced trading features such as margin trading, stop-loss orders, and other advanced tools.

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