Israel's largest bank is set to enable cryptocurrency trading

Israel’s largest bank, Bank Leumi, has announced it will be the first Israeli bank to enable cryptocurrency trading, following a partnership with blockchain company Paxos. 

Bank Leumi’s digital platform, Pepper Invest, reached an agreement with Paxos that will enable the bank to allow its customers to buy, hold, and sell cryptocurrencies, with Bank Leumi expected to offer this service to its customers in the near future.

The recent partnership between Leumi group, and blockchain infrastructure platform Paxos, resulted in the Israeli bank’s new service. In this early stage, only Bitcoin and Ethereum will be available to trade, and customers will not need to download a crypto wallet but will be able to transact their trading account at Pepper Invest.

Additionally, Pepper Invest customers will not be required to manage their tax under this trading account, as the bank will manage the complexities of this on behalf of their customer.

Bank Leumi’s official statement reads:

“The simple sale procedure is a significant innovation in relation to the existing difficulty in converting cryptocurrencies to money available in the current account, using the tools currently available.”

This new service in Israel, provides users of the Israeli banking system with access to cryptocurrency, in a way that few banks across the world have done. Following regulatory approval, Leumi will be ready to launch their crypto trading service. 

Uri Natan, CEO of Pepper, on pioneering crypto trading in Israel, said in a statement:

“We are proud to be the first in the banking system in Israel, and one of the few in the world, to offer our customers to trade cryptocurrencies in a simple, safe and reliable way, without having to download a wallet, and without having to deal with the tax authorities”

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.