Kotak, India’s leading private bank, has reportedly become the first to open its gates to the crypto community.
The banking giant announced it has partnered with the leading crypto exchange WazirX, which would allow traders to use the banking services to liquidate their funds. The partnership between the two parties is being seen as a major development for the crypto community, given Indian banks have frozen crypto payments and withdrawals for the past eight months.
WazirX has opened an account with Kotak which can be used to receive and pay money to investors trading on the exchange. The account is yet to become operational.
Private banks in India have refused to do business with crypto platforms citing a lack of clarity on regulations and were often found using non-valid circulars from the Reserve Bank of India (RBI) to deny services.
The latest partnership between one of the leading Indian crypto exchanges WazirX and popular banking giant Kotak also hints toward positive crypto regulations in the making.
