Kotak breaks crypto ice with account for WazirX
Amid a growing perception that cryptocurrencies could be ‘regulated’ and not banned in India, Kotak has emerged as the first major bank to open its doors to the crypto community.
After almost eight months of payment freeze by most high-street banks that continue to shun crypto investors and bourses, Kotak Bank will do business with WazirX, one of the country’s largest crypto exchanges.
“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. Paperwork, KYC and some testing are on,” a person aware of the matter told ET.
About a year ago, WazirX closed its account with ICICI Bank, India’s second-largest private lender following feelers from the Reserve Bank India which has always been (and continues to be sceptical of cryptocurrencies). A bulk of WazirX’s business shifted to MobiKwik, a digital wallet and payment services company.