WazirX CEO Teases Pi42 Crypto Launch

WazirX CEO hinted at the possibility of Pi42 releasing its native coin, sparking speculation in the cryptocurrency community.

By dropping hints about the prospect of Pi42 releasing its native coin, Nischal Shetty, WazirX CEO and co-founder of the Pi42 futures cryptocurrency market, has stirred speculation among members of the cryptocurrency world.

WazirX CEO Hints ON Pi42

In addition, the esteemed Pi42 recently accomplished the remarkable feat of reaching a daily transaction volume of $12 million. The comment made by WazirX CEO was in response to a question posed by a user on the social media platform X.

The question was, “Can we expect native currency for Pi42?” The question was addressed to Shetty, who responded accordingly.

WazirX CEO referred to the post and posed the following question to his followers: “Do you believe that Pi42 ought to bring its very own native token?”A change of this nature might result in several advantages, including an increase in price, a reduction in trading fees, awards for staking, and referral bonuses.

On the other hand, users and investors have responded differently to the proposed introduction of a native coin for Pi42. They believe that the presence of a native coin will encourage users to participate more actively on the platform, thereby boosting the platform’s ecosystem and utility. 

On the other hand, several users have proposed an alternative method. They suggested incorporating WRX, the native token of WazirX, into the Pi42 exchange.

They indicated that utilizing WRX might lead to an increase in its utility and worth, which could perhaps assist in recovering the cryptocurrency from price drops.

If Pi42 users used WRX within Pi42, they could take advantage of the advantages of a well-established token while simultaneously contributing to the expansion of both platforms. 

During this time, users have also expressed their hopes for Pi42’s future platform, which has been taking place amid discussions on native coins and utility.

The cryptocurrency community anticipates vital features such as stop limit and stop market orders, hedge mode, order modification on charts, and detailed account and PNL information. We anticipate the implementation of these features.

Additionally, a user expressed their intention to completely shift their portfolio from Binance to this cryptocurrency futures exchange if Pi42 incorporates these capabilities. Pi42 stands out in the cryptocurrency scene due to its competitive fee structure and tax rules.

Additionally, the introduction of a native token is a possibility. The exchange offers traders cost-effective and efficient options for trade execution, charging only 0.05% for maker fees and 0.10% for taker fees.

In addition, it does not impose a fee for currency conversion and charges a flat fee of 15 Indian rupees for each withdrawal. 

Even if the Indian government is taking steps to reduce the taxation of cryptocurrencies, the Pi42 exchange differentiates itself by allowing traders to trade cryptocurrency futures in Indian rupees (INR) without incurring any conversion fees or tax deductions.

This is made feasible by the fact that, according to Indian tax legislation, cryptocurrency futures are considered to be distinct from virtual digital assets (VDAs), which means that they are exempt from the obligations of tax withholding (TDS).

Nevertheless, these various features compelled consumers to contemplate the potential benefits of a native token for Pi42. A user pointed out that the few structures are already profitable, with no tax deductions from their profits. As a result, they do not anticipate significant gains from the introduction of a native token.