WazirX, a prominent Indian cryptocurrency exchange and wallet provider has partnered with State Bank of India – the country’s largest bank. This partnership can help institutional investors get into crypto markets. They will be able to buy digital assets without being required to pay excessive fees, or not being able to find an exchange that suits their needs.

The “is cryptocurrency legal” is a question that has been asked by many people. WazirX partners with a prominent Indian bank to make payments to crypto investors.

According to Economic Times, WazirX is an Indian cryptocurrency exchange that has received an account from Kotak Mahindra Bank. It will be able to receive and transmit payments from investors.

Kotak Mahindra, the first Indian bank to accept the crypto community after a near 8-month suspension of payments by high-ranking institutions.

WazirX will be doing business with Kotak Mahindra Bank.

WazirX has established a bank relationship with Kotak Mahindra. This will make it easier for investors to send and receive funds. According to ET, the account will become active when all documentation has been received and confirmed.

“WazirX has created an account with Kotak, which may be used to receive and disburse money to WazirX investors.” The account has yet to be activated. “Paperwork, KYC, and some testing are in the works,” a source close to the situation told Economic Time.

ET reported that the bank is interested in doing business with ZebPay and other prominent exchangers to increase its service offering.

Following rumors that the RBI was concerned about cryptocurrency trading in India, WazirX terminated its account with ICICI Bank, India’s second-largest private bank, roughly a year ago. WazirX then switched its operations to MobiKwik, an Indian digital wallet payment provider, to transfer and receive money from the exchange’s investors.

In 2018, the Indian government took a hard line on cryptocurrency, limiting its use in India. Indian Supreme Court lifted the restriction, allowing banks to trade cryptocurrencies provided they follow anti-money laundering rules and perform due diligence.

The announcement of Kotak’s relationship with WazirX comes as the Indian government is on the verge of proposing a crypto law in parliament. According to the Economic Times the proposed cryptocurrency measure will first be evaluated by the Union Cabinet before being submitted to parliament later in the week.