Leading Indian cryptocurrency entrepreneurs Nischal Shetty and Avinash Shekhar have announced the launch of Crypto-INR Perpetual Futures Exchange “Pi42” and options trading platform. With its derivatives offerings targeted at Indian traders and investors, Pi42 aims to drive mainstream cryptocurrency adoption in a compliant manner.
All About Pi42 – India’s Pioneering Crypto Derivatives Exchange
Pi42 brands itself as India’s first crypto-INR perpetual futures and options exchange that allows domestic traders to take leveraged positions on top cryptocurrencies against the Indian rupee, without needing stablecoin conversion.
The founders have highlighted Pi42’s robust security standards, proprietary matching engine capacity of 100,000 transactions per second, and advanced trading features as key differentiators for the new derivatives exchange.
Offerings and Supported Cryptocurrencies
Pi42 will offer perpetual futures and options contracts on leading cryptocurrencies like Bitcoin, Ethereum, XRP, Bitcoin Cash, Cardano, Solana, Dogecoin, Polkadot etc. At launch, the contracts will have maximum leverage of 100x for perpetual swaps and 5x for options.
The derivatives exchange aims to add new crypto assets based on demand and launch options contracts with higher leverage limits in the future. Portfolio margining, algo trading connectors, strategy builder, and other advanced modules are also in Pi42’s product roadmap.
Security and Compliance Standards
As a regulated platform, Pi42 has implemented stringent know your customer (KYC) and anti-money laundering (AML) protocols mandated by Indian authorities. User assets will be secured in multi-signature cold wallets with a bank-grade custody solution.
Pi42’s founders have also signed up CER.live to offer certified proof of the exchange’s reserves to build additional trust. The platform infrastructure utilizes hardware-based data encryption and DDoS protection for securing all transactions.
Founders’ Goals and Motivations for Pi42
Nischal Shetty and Avinash Shekhar are industry veterans who have successfully built top Indian crypto trading platforms in WazirX and ZebPay respectively. Now they have combined forces to launch Pi42 exchange and unlock the next phase of crypto growth in India.
Nischal Shetty’s Vision for Driving Crypto Adoption
As the CEO of market-leading WazirX exchange, Nischal Shetty is one of the most influential crypto pioneers in India. In multiple interviews, Shetty has emphasized the need for secure and regulated platforms like Pi42 for enabling wider cryptocurrency adoption within the masses.
- “With Pi42, we aim to provide seamless access to crypto-backed financial products tailored for Indians in a compliant environment,” said Shetty.
- “My goal is to ensure world-class crypto infrastructure in India exceeds global standards, allowing millions of Indians to harness the opportunities offered by Bitcoin, blockchain and digital assets to improve their lives,” he added.
Avinash Shekhar Focuses on Advanced Trading Experience
Avinash Shekhar serves as the Co-CEO of ZebPay, which was India’s first Bitcoin exchange back in 2014. As an early crypto adopter, Shekhar recognizes the need for more diverse crypto offerings for Indian traders beyond just spot trading.
- “With Pi42, we want to create the most powerful crypto derivatives trading platform for Indians in INR to trade futures, options and more advanced products seamlessly,” said Shekhar.
- “My focus is on leveraging the best technology stacks to build a institutional-grade trading infrastructure and intuitive user interfaces tailored for Indian investors,” he further added.
The Exponential Growth of Crypto in India
Pi42’s launch comes at an inflection point for the cryptocurrency industry in India. In the last few years, crypto ownership has seen explosive growth fueled by friendly regulations, improved infrastructure and rising digital assets awareness.
As per a 2022 report by Chainalysis, India now ranks second globally in terms of crypto adoption. The Indian crypto market is estimated to have grown 641% in the last year – more than twice that of any other country.
Key Drivers and Statistics of Surging Crypto Adoption
- Over 70 million Indians now own digital assets worth $10+ billion as per conservative estimates
- Leading Indian exchanges like WazirX, CoinDCX, ZebPay etc. have over 20 million registered users combined
- Average monthly cryptocurrency trading volumes have exceeded $350 million per month since early 2022
- Cryptocurrency-related queries have broken into India’s top 10 Google search trends
- Educational courses, communities, social media influencers are driving crypto literacy among youth
- Supportive public statements by influential business leaders and policymakers
As more Indians explore crypto investments, the demand for advanced trading products like crypto derivatives and indices has risen exponentially. Platforms like Pi42 fulfill this market need for domestic traders.
Industry Experts Welcome Pi42 Launch
Indian crypto entrepreneurs, investors and market observers have welcomed Pi42 exchange’s launch and its push towards building a thriving crypto derivatives ecosystem catering to domestic traders.
Mohit Madan, founder of OroPocket crypto investment platform, said, “Pi42’s perpetual futures offerings create new opportunities for Indian traders already familiar with margin trading from stocks. Their trading tools can have a similar appeal as Robinhood in the US among millennial investors here.”
Popular crypto commentator Coin Kuber said, “If WazirX and ZebPay’s founders are collaborating again for Pi42, I have no doubts on their capabilities to make it a huge success just like their earlier ventures due to their grasp of what Indian crypto users need.”
Meanwhile, Jigish Sonagara, Managing Partner of venture fund CoinFund, remarked “I believe that Pi42 will unlock the next wave of retail participation in crypto by allowing Indians to trade futures and options contracts without undergoing USD conversions via stablecoins.”
These positive endorsements from key figures in India’s cryptocurrency space highlight the strong potential demand for offerings like Pi42 catering to domestic traders’ needs.
The Road Ahead for Pi42
As a pioneering crypto-INR perpetual futures and options trading platform, Pi42 is uniquely positioned to enable wider adoption of digital assets among Indian investors.
Pi42 aims to achieve over $1 billion in daily trading volume within a year – a goal that seems plausible given the tremendous growth in India’s cryptocurrency market.
With Nischal Shetty and Avinash Shekhar’s experience of scaling WazirX and ZebPay into multi-million user exchanges, Pi42 has the credentials to dominate India’s futures trading industry if executed well.
As the Indian government also formulates a balanced regulatory approach and more institutional participation enters, Pi42 could benefit further by transitioning into a full-fledged crypto exchange if permitted to widen its offerings.
For now, Pi42 gives Indian traders the powerful tools to long or short top cryptos in a seamless way – filling a major gap in India’s investment ecosystem.
The launch of Pi42 symbolizes the ongoing institutionalization of cryptocurrencies in India through secure trading avenues. With its competitive offerings, Pi42 aims to surpass global derivatives exchanges by focusing on the specific needs of Indian traders from the start.
Frequently asked questions (FAQs)
Q1. What is Pi42 crypto exchange?
A1. Pi42 is India’s first cryptocurrency derivatives exchange that allows domestic traders to trade perpetual futures and options contracts on cryptos against the Indian Rupee (INR).
Q2. Who founded Pi42 exchange in India?
A2. Pi42 has been founded by Nischal Shetty, CEO of WazirX, and Avinash Shekhar, Co-CEO of ZebPay – two leading Indian crypto entrepreneurs.
Q3. What cryptocurrencies will Pi42 support?
A3. At launch, Pi42 will offer crypto derivatives contracts for top coins like Bitcoin, Ethereum, Ripple, Bitcoin Cash, Cardano, Solana, Dogecoin etc. More assets to be added later.
Q4. What is perpetual futures trading offered by Pi42?
A4. Perpetual futures are derivative contracts that allow traders to speculate on crypto prices without expiry, unlike regular futures. Pi42 will offer up to 100x leverage on perpetual swap contracts.
Q5. How is Pi42 exchange regulated in India?
A5. As a regulated Indian exchange, Pi42 adheres to strict KYC, AML and security protocols laid out by authorities. User funds are secured via cold storage custody.
Q6. Can I trade on Pi42 without converting INR to USDT?
A6. Yes, Pi42’s unique value proposition is enabling Indians to trade crypto derivatives in INR without needing stablecoin conversion.
Q7. What advanced features will Pi42 offer traders?
A7. Pi42 plans to unveil portfolio margining, algo connectors, strategy automation, options trading and other institutional-grade modules over time.
Q8. How much trading volume does Pi42 aim for annually?
A8. Pi42 aims to reach over $1 billion in daily trading volumes within 1 year of launch as per its founders’ estimates.
Q9. When will Pi42 crypto exchange launch in India?
A9. Pi42 exchange is expected to go live for traders in March 2024 as per media reports. Its mobile apps and web platform are now open for pre-registration.
Q10. Can international traders use Pi42 exchange?
A10. As of now, Pi42 crypto derivatives exchange is only accessible to Indian traders given its INR-crypto focus. International expansion plans are unclear.
Disclaimer:
This article is for informational and educational purposes only. It should not be construed as financial or investment advice. The article merely summarizes publicly available information regarding the launch and offerings of the Pi42 cryptocurrency derivatives exchange.
The writers and publishers of this article are not endorsing or recommending trading on the Pi42 platform or any other cryptocurrency exchange. Trading cryptocurrencies involves substantial risk and users should conduct their own research before making any investment decisions.
Pi42 exchange is a new platform yet to launch, so its services, offerings, security standards, trading volumes and other metrics are as of yet unverified claims made by the company and its founders. Readers should exercise appropriate caution before using Pi42’s services after official launch.
The article cites data and statistics from third party industry reports which have not been independently verified by the publishers. The publishers do not make any representations or warranties as to the accuracy or completeness of such third party content.
The article contains forward-looking statements by Pi42 founders regarding the exchange’s growth and expansion plans. Actual results may vary significantly and readers should not place undue reliance on such statements of expectation or projections.
The publishers of this article do not control and are not responsible for the availability, content or security of any third party sites linked to in this article. Accessing such third party sites is at the user’s own risk.
This disclaimer seeks to outline key risks and limitations associated with the subject matter to enable readers to make well-informed decisions at their own discretion. Please read Pi42’s official website, terms of use and risk disclosure documents for more details before accessing its services.
