WazirX is looking to open business with Kotak Mahindra Bank, and although sources said that a formal tie-up has been established, operations have not yet commenced. This development, first reported by Economic Times, comes eight months after MediaNama broke a story on how private banks, including Kotak Mahindra, shut off its banking services to cryptocurrency exchanges in India. Although WazirX co-founder Nischal Shetty said that that cryptocurrency exchange does not have any operational relationship with any bank, he did not categorically deny the tie-up which sources say have been made on paper. The ET story attributing to an unnamed source said that WazirX's account on Kotak will be used to pay and receive money from investors on the exchange. We have reached out to Kotak Mahindra for a comment on the matter. WazirX does not have any operational relationship with any bank as of now. Unfortunately, banks seem to be wary of dealing with exchanges despite the Supreme Court's verdict and RBI's recent circular. We continue to engage with various banks with a view to help them understand blockchain and cryptos better... We hope that it encourages banks to update their compliance teams and provide banking access to Indian crypto exchanges -- Nischal Shetty, co-founder, WazirX to MediaNama The ET report also said that Kotak Mahindra is also in talks with other crypto exchanges for resuming business. On reaching out to CoinDCX, a spokesperson said that the exchange has already onboarded a few banks on its platform. Although the ambit…
- Microsoft Teams Premium to incorporate ChatGPT: 4 key take aways February 3, 2023
- Update: Supreme Court Asks Indian Govt to Produce Records Issued To ‘Block’ BBC Documentary February 3, 2023
- RTI: Nearly 5,000 URLs blocked under Section 69A in the first 10 months of 2022 February 3, 2023
- Budget 2023: Lower budget allocation for Smart Cities Mission this fiscal year February 3, 2023
- India’s largest retailer Reliance Retail to start accepting payments in digital rupee (e₹) February 3, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
India's smartphone operating system BharOS has received much buzz in the media lately, but does it really merit this attention?
After using the Mapples app as his default navigation app for a week, Sarvesh draws a comparison between Google Maps and Mapples
The regulatory ambivalence around an instrument so essential to facilitate data exchange – the CM framework – is disconcerting for several reasons.
The provisions around grievance redressal in the Data Protection Bill "stands to be dangerously sparse and nugatory on various counts."
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...