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Leumi Becomes The First Israeli Bank To Offer Cryptocurrency Services

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Bitcoin in Israel
Bitcoin in Israel

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Israeli’s Leumi Bank has registered its interest to offer crypto trading, becoming the first bank to offer such service in Israel. Leumi is making its interest into the crypto market via collaboration with U.S-based crypto firm Paxos.

Only Bitcoin And Ethereum Will Be 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 carry out crypto transactions with at least 50 shekels per transaction (about $15.49), although the platform is only offering trading for Bitcoin (BTC) and Ethereum (ETH) for now. Leumi Bank says it will make provisions to accept additional cryptocurrencies in the future.

The launch date has not been stated, since the regulatory approval is still pending. But based on work done so far for the partnership deal, 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 work in line with the rules of the Israel Tax Authority. The platform has also been made very easy to use for the customers. They can use the crypto trading service without downloading a digital wallet.

The company says the simple crypto sell procedure is an innovative approach to the existing difficulties in converting cryptocurrencies to fiat currency.

Chief Executive Officer of Pepper Invest, Uri Natan, commented on the development. He stated that the company is excited to be the first bank in Israel to allow its clients to trade cryptocurrencies on its platform.

Natan added that the company is using an approach that can allow customers easily trade and sell crypto assets without having to deal with tax complexities.

Additionally, Natan stated that the bank’s desire to push cryptocurrencies to customers can have a positive impact on more adoption of cryptocurrencies in Israel.

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