Israel’s second-largest bank, Leumi, is launching a cryptocurrency trading service to allow customers of its digital investment platform to trade cryptocurrencies. “The service will allow Pepper Invest customers to buy, hold, and sell cryptocurrencies.”
Major Israeli Bank Launching Crypto Trading Service
Pepper Invest is the digital investment platform for Pepper by Leumi (TASE LUMI), and announced on Friday that it will launch its cryptocurrency trading services.
“Pepper will be the first banking platform in Israel … to allow its customers to trade cryptocurrencies, in an attractive pricing model,” the announcement details, adding that the service will also become accessible to other Bank Leumi customers in the near future.
Leumi Group is working with Paxos to create the new service. Paxos is an American regulated blockchain infrastructure platform. In addition, the announcement states that after obtaining all regulatory approvals:
This service allows Pepper Invest clients to sell, buy and hold cryptocurrencies. The first stage of the transaction will involve bitcoin and ethereum.
Bank Leumi’s customers can trade cryptocurrencies through their trading account at Pepper Invest and “Pepper will collect tax according to the guidelines of the Israeli Tax Authority so that customers will not need to manage tax complexities,” the announcement notes.
Paxos was founded in 2012 and holds U.S. regulatory licenses. Paxos has more than USD 20 Billion in assets, and more than 400 Million end-customers around the world.
Uri Nathan (Pepper CEO) commented on the matter:
We are pleased to be among the first banks in Israel to provide customers with the ability to safely and securely trade in cryptocurrency.
How do you feel about this Israeli bank offering cryptocurrency trading services to its customers? Please comment below.
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