WazirX founder, Zebpay ex-CEO join hands to start new crypto exchange

Bengaluru, 7 February: WazirX founder Nischal Shetty and former chief executive of Zebpay Avinash Shekhar have announced to launch a rupee-denominated futures exchange for crypto traders.

The India-registered platform, Pi42, will allow Indian crypto enthusiasts to engage in derivative trading in the local currency.

Till now, Indians mostly have to use international exchanges for derivative trading till recently.

In terms of the value of trades, derivatives are typically much higher compared with spot trading, which is of small ticket size. As the crypto industry matures, this segment will open up, said the company.

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 added.

“Overall, there could be estimated around 30 million crypto traders in India, of whom around 50% would still be holding their digital assets and around 10% who would still be actively trading,” said Nischal Shetty.

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.

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.

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