Kotak To Start Business With WazirX, Bets on Cryptocurrency Exchanges

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Kotak To Start Business With WazirX, Bets on Cryptocurrency Exchanges
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Kotak Mahindra Bank (NS: KTKM ) emerges as the first major bank to welcome the cryptocurrency community back, after being on a payment freeze by banking giants for about 8 months. Kotak Mahindra will start business with one of the country’s largest crypto exchanges, WazirX.

The crypto exchange has opened an account with the private lender, while necessary paperwork, KYC and some other testings are going on, states a source privy to the matter. This will allow the investors trading on WazirX to pay and receive money through the bank account.

While the highly looked forward to Cryptocurrency Bill by the Government is yet to be out, investors and crypto exchanges are of the view that the latter could be regulated, instead of an earlier notion of getting banned.

Riding on this possibility, Kotak is in talks of allowing other crypto exchanges like Zebay to open accounts.

In other news, domestic brokerage firm Motilal Oswal (NS: MOFS ) has initiated a buy call on the private financial lender Kotak Mahindra Bank with a target price of Rs 2260. The stock is currently trading at Rs 1901.65. This means the stock target is set at an upside of 19%, and the time suggested for the stock to reach this target is Intra day, states an ET report.

For the September-ended quarter, the private lender reported a 12.9% rise in consolidated total income to Rs 15,341.65 crore on a YoY basis, and 19.86% rise on a sequential basis.

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