Pi42 launches India's first Crypto-INR perpetual futures exchange (2024)

FAQs

Pi42 launches India's first Crypto-INR perpetual futures exchange? ›

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.

Pi42 has been launched by WazirX founder Nischal Shetty and former Zebpay Chief Executive Avinash Shekhar. The launch of the exchange has come on the heels of the 2024 interim budget, where the government didn't touch upon crypto assets. Pi42 claims to be India's first crypto-INR futures exchange.

In 2013, the first cryptocurrency exchange in India was launched. It was called Unocoin and allowed Indians to buy and sell Bitcoin. During the same year, Bitcoin's value surged from $100 to $1,000.

Meet the Founders

Avinash Shekhar, with over 26 years in finance, co-founded Pi42 on the back of his tenure as Zebpay's CEO, where he led its ascent in the crypto space. A Chartered Accountant by training, his extensive experience includes pivotal roles at Airtel, Urban Ladder, and Forever 21.

CoinDCX offers traders access to over 500 cryptocurrencies and a suite of investment products, including staking, lending, futures, and margin trading. The platform prioritizes security with data encryption, cold storage, and regular audits. New users can benefit from DCX Learn's educational resources.

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.

Cryptocurrencies are categorised as virtual digital assets (VDAs) in India and are subject to taxation under the Income Tax Act 1961. As per Section 115BBH, the tax rate for gains from trading VDAs is 30% plus 4% cess, i.e., if you sell a cryptocurrency for a profit, you must pay 30% tax plus an additional 4% cess.

The Digital Rupee (e₹) or eINR or E-Rupee is a tokenised digital version of the Indian Rupee, issued by the Reserve Bank of India (RBI) as a central bank digital currency (CBDC). The Digital Rupee was proposed in January 2017 and launched on 1 December 2022.

With over 300 listed cryptocurrencies, WazirX provides robust liquidity and advanced portfolio tracking tools, making it popular among Indian investors. Unocoin, founded in 2013, is one of India's oldest crypto exchanges.

What is the exchange tax for Pi42? ›

Pi42 Doesn't Charge TDS Or Conversion Fees

In addition, it charges a nominal 0.1% fee for instant bank transfers and a flat Rs 15 withdrawal fee per transaction. Moreover, Pi42's trading fees are exceptionally competitive, with a mere 0.05% maker fee and 0.10% taker fee.

History of social exchange theory

Social exchange theory was developed by George Homans, a sociologist.

Edward Sullivan is the CEO and Founder of Trust Exchange.

Avinash Shekhar, Co-Founder of Pi42

The platform is registered under Financial Intelligence Unit - India (FIU-IND) and is starting with offering trading options like margin trading, stop-loss orders, and other advanced tools to manage risks.

In this article, we'll guide you through the crypto investment process and present the top four crypto exchanges in India—CoinSwitch, WazirX, Unocoin, and BitBNS—to help you choose the best crypto trading platform in India.

Investors in India can trade in futures on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). Let us see how to trade in futures in India. Understand thoroughly how futures and options work: Futures are complex financial instruments and are different from other tools such as stocks and mutual funds.

E-mini futures are now available in India through the NSE International Exchange since September 2011. Indian traders and NSE members can easily trade these futures in US dollars without requiring extra paperwork or permits.