Kotak Mahindra Bank has reportedly formed a partnership with WazirX, India’s leading crypto exchange.
As of now the talks between Indian government officials about crypto indicates that India is ready to take control of the crypto industry. Following such results related to crypto regulation, many crypto services providers have become interested in crypto business expansion lately.
According to reports by the Economic Times, Binance-owned Wazirx Crypto Exchange has partnered with leading Indian private bank Kotak to provide better services to customers.
WazirX would have its bank account with Kotak Mahindra Bank. While the WazirX Exchange Bank Account will be used to facilitate Fiat payments to crypto customers on the Exchange.
Although this further clearly indicates that Kotak Bank customers in India will have a better customer experience with WazirX services than other bank customers, thus resulting in more crypto customers are likely to switch to Kotak Bank services.
In this regard, the Wazirx Exchange has not yet announced anything. Currently, all the documents are in progress and after that WazirX will have access to the services offered by Kotak Bank. Furthermore, Kotak Bank is reportedly in talks with other major crypto exchanges such as Zebpay in India.
Previously the central bank, RBI, has imposed restrictions on all banks thus making them suspend their services for crypto-related services. However, the Supreme Court judge later ruled that the ban on banks should be lifted.
After the RBI lifted the ban on banks, many banks resumed providing services to crypto exchanges. Although, still there are problems with WazirX Exchange and other exchanges, and WazirX Exchange founder Nischal Shetty has confirmed that they are not getting the best support from their banking partners.
For now, though, the Wazirx Exchange partnership with Kotak is expected to lead to better services.
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