According to a recent update, Kotak Mahindra Bank has become the first major bank that shows support for the cryptocurrency community. They came forward after almost 8 months of pay freeze by some of the major banks. Kotak Mahindra will start trading with WazirX, which is India’s largest crypto exchange.

It has been observed that a few months back some major banks have stopped their support to this huge cryptocurrency exchange. A source with knowledge of the matter said that the process has already begun, and the account opening process has been successfully completed by WazirX with the private lender, while the required documentation, KYC, and some other necessary processes are underway. After compliance with these processes investors who trade on WazirX can deposit and withdraw funds through a bank account.

While the cryptocurrency bill is expected to be introduced this winter and is believed to be highly optimistic, crypto exchanges and investors believe that later it will be regulated rather than the earlier notion of being banned. Believing in this chance, Kotak is also allowing other crypto exchanges including Zebe to open accounts.

It needs to be noted that the Government’s stand is not clear till now. There are various news, rumors, and updates in the air but no one knows whom to trust or not. There was news that Government will ban all private cryptocurrencies, but a clear definition of private cryptocurrencies is required for a clear picture.

As per another update, Motilal Oswal, a domestic brokerage firm has initiated a buy call on Kotak Mahindra Bank with a target value of ₹ 2260. The stock’s value is ₹ 1901.65 currently. It means that the stock's target is set to 19% upward, and the suggested time for the stock to reach this target is intraday.

For the quarter ended September, the private lender reported a 12.9% year-on-year growth in consolidated total income to ₹ 15,341.65 crores and a rise of 19.86% on a steady basis.

Crypto Investor would be happy to hear the news of the availability of a new payment mode and it will attract more people into the crypto-verse.

Meanwhile, there are some new platforms rising in the market as well. They despite the lack of clarity from the government people are believing that the Government will not ban cryptocurrencies. One such platform is Crypto Gabbar, which is one of the latest cryptocurrency marketplaces in India. The platform is currently tracking more than 11,500 cryptocurrencies and showing all the important details in a single place. The platform will soon allow users to sell, buy, trade, and exchange cryptocurrencies. It is also on its way to becoming one of the largest crypto portals with its quality knowledge base and blog posts. Interested people can bookmark this portal to stay connected with the progress of Crypto Gabbar and the cryptocurrency market as well.