WazirX Founder and Former Zebpay CEO Partner to Launch Innovative Crypto Exchange

Nischal Shetty, the founder of WazirX, and Avinash Shekhar, former CEO of Zebpay, have collaborated to launch Pi42, a rupee-denominated futures exchange catering to Indian crypto traders. This India-based platform enables enthusiasts to participate in derivative trading using their local currency, eliminating the need to rely on international exchanges. Pi42 has initiated the registration process with the Financial Intelligence Unit of the federal government to ensure compliance with anti-money laundering regulations.

Pi42 offers investors the opportunity to leverage up to 20 times their holdings without any expiry dates, as stated in their recent announcement. The platform provides advanced features like margin trading, stop-loss orders, and other risk management tools to optimize profits. Nischal Shetty will oversee the company’s overall growth strategy, while Avinash Shekhar will lead key areas such as finance, operations, and regulatory compliance.

Although the founders have invested initial capital into the venture, Pi42 plans to seek external funding once operational. Currently, the startup employs approximately 20 individuals. Shetty, who brings experience from leading WazirX, expressed his motivation to expand the crypto market and develop advanced trading products and services in India through Pi42.

This announcement follows recent actions by India’s Financial Intelligence Unit (FIU), which issued show-cause notices to nine offshore cryptocurrency platforms, including prominent names like Binance and Kucoin, for alleged non-compliance with anti-money laundering laws outlined in the Prevention of Money Laundering Act (PMLA).

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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.