Israel’s Leumi Bank has registered its interest in offering crypto trading and became the first bank to offer such a service in Israel. Leumi makes his interest in the crypto market through collaboration with US-based crypto firm Paxos.
Only Bitcoin and Ethereum are available for now
The partnership will allow customers of Pepper Invest, Leumi’s digital arm, to buy, sell or hold crypto assets. They will be able to transact crypto with at least 50 shekels per transaction (about $15.49), although the platform will only offer Bitcoin (BTC) and Ethereum (ETH) trading for now. Leumi Bank says it will make provisions to accept additional cryptocurrencies in the future.
The launch date has not been disclosed as regulatory approval is still pending. But based on the work done so far on the partnership agreement, a date for the rollout of the services will be announced soon, according to the bank.
Pepper Invest to manage tax complexity
Leumi Bank has also noted that its Pepper Invest platform will be equipped to manage tax complexities and will operate in accordance with the rules of the Israeli tax authorities. The platform has also been made very user-friendly for the customers. They can use the crypto trading service without downloading a digital wallet.
The company says the simple crypto sale procedure is an innovative approach to the existing difficulties in converting cryptocurrencies to fiat currency.
Pepper Invest’s chief executive officer, Uri Natan, commented on the development. He stated that the company is delighted to be the first bank in Israel to allow its customers to trade cryptocurrencies on its platform.
Natan added that the company uses an approach that allows customers to easily trade and sell crypto assets without having to deal with tax complexities.
In addition, Natan stated that the bank’s desire to push cryptocurrencies to customers could have a positive effect on increased adoption of cryptocurrencies in Israel.
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