Reportedly, Kotak Mahindra Bank established a partnership with the Indian popular crypto exchange Wazirx.
The current situation of ongoing discussions on crypto by Indian government authorities indicates that India is ready to bring regulation to the crypto industry. After such kinds of results about the crypto regulation, many crypto services are eager for crypto business expansion.
According to a report in Economic Times, Binance owned- Wazirx crypto exchange and Indian popular private bank Kotak did partnership to give services perfectly.
Wazirx will have its own bank account with the Kotak Mahindra Bank. WazirX exchange will use the bank account to facilitate fiat payments to the crypto users on the exchange.
This is a clear indication that Kotak bank users in India will get a better user experience in the services at WazirX over other bank users, so there are chances that more and more crypto users will shift to Kotak bank services.
On this matter, the Wazirx exchange didn’t announced yet. However, reports claimed that currently, all paperwork is going on and after that Wazirx will be able to get services from Kotak bank. Reports also claimed that Kotak bank is in talks with other leading crypto exchanges of India like zebpay.
WazirX facing banking problems
In the past, RBI, the central bank of India, imposed restrictions on all banks to stop giving services to crypto-related services. But later, a Supreme court judge ordered to revoke the ban on the banks.
After the revoke of the RBI ban on the Banks, most of the Banks started to give services again to the crypto exchanges. But still, there were issues with the Wazirx Exchange and also with other exchanges, where Wazirx exchange’s founder Nischal Shetty confirmed that they are not getting better support from the banking partners.
But now, the partnership of Wazirx exchange with Kotak will surely result in better Services.