Kotak banks on crypto, shakes hands with WazirX

Kotak Mahindra Bank becomes the first Indian lender to accept 'soon to be regulated' cryptocurrencies.

ET reports that WazirX, one of the country's largest crypto exchanges has opened an account with Kotak which will be used for all its transactions with investors. 

Kotak would be the first among major banks to open its gates to the crypto community as for almost eight months most high-street banks stopped payments for all the crypto platforms amid uncertainty on their legal status.

The deal would be a big achievement for WazirX as most of its payments system was shifted to the fintech app Mobikwik which would face a lot of issues during peak time.

WazirX could see a lot of investors switching to its platform as its competitors continue to rely on the payments infrastructure that saw a strong dissatisfaction from Indian crypto investors.