Leading Indian cryptocurrency exchange WazirX has partnered with a leading Indian bank, Kotak Mahindra, to facilitate crypto payments. Many of the Indian cryptocurrencies have difficulty setting up secure and seamless payment gateways. As a result, investors find it very difficult to deposit and withdraw money during heavy loads and technical glitches. WazirX aims to solve this problem with a partnership with Kotak Mahindra.
Kotak Mahindra is one of the most prominent private banks in India. It is known for its digital banking solutions and has one of the best technical teams among all Indian banks.
In the past, WazirX had partnered with digital wallet provider Mobikwik. However, that failed to solve many of the problems of the exchange. Executives from WazirX said that they believe Kotak Mahindra will help them overcome many of their existing problems and make customers feel secure about their money.
One of the major reasons behind the partnership has been growing fear among Indian investors about insecure payment gateways. Crypto-related crimes are at an all-time high, and the government has warned citizens against using insecure payment gateways. That has led many people to be apprehensive of payment gateways of cryptocurrency exchange apps like WazirX and CoinDCX.
The Indian cryptocurrency landscape has been through a tumultuous time over the last few weeks. Amidst chaos and confusion regarding regulations, many exchanges have made significant improvements. Once the crypto bill passes in the winter parliament session, the scenario will be much more stable in India.