Kotak adapts Crypto under a deal with WazirX

Kotak Mahindra Bank has become the first major bank to open its doors to crypto communities. The bank has signed a deal with WazirX, India’s one of the largest crypto exchanges. The paperwork for the account created under the deal is still going on. WazirX has opened an account with Kotak bank that will be used to pay investors trading on the exchange. 

Many banks have restricted the payment involving crypto platforms and vendors due to the discomfort of the regulators. The Reserve Bank of India did ban the banks from offering the payments for crypto-related transactions that were set aside by the Supreme Court in 2020.