Kotak Mahindra bank has opened its doors to the crypto market and has become the first bank in India to do business with on one of the major crypto exchanges Wazir X after 8 months of months of payment freeze by major banks. The crypto exchange has opened an account with Kotak and it can be used to receive and pay money to investors trading on the exchange.

WazirX had previously opened its account with ICICI Bank which is India's second largest private lender But the account had to be closed due to opposition of the Reserve Bank India following its ban on crypto in 2018.

Now, WazirX's business shifted a major part of its business to MobiKwik a digital wallet and payment services company.

The coming together of Kotak Bank and crypto exchange will go a long way in growing confidence among investors as this will allow more financial transactions via bank account. Crypto users will be able to pay & receive money via their bank account and it will remove the apprehensions of money 'getting lost' in transactions via crypto exchanges.

The coming together of kotak bank and crypto exchange will go a long way in growing confidence among investors

According to the Cryptocurrency Bill by the Government is yet not out , investors and crypto exchanges are of the view that the latter could be regulated, instead of an earlier notion of getting banned. Reports suggest that Kotak is also in talks of with other crypto exchanges like Zebay to open their accounts with the bank.