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Israel bank Leumi launches crypto trading to allow customers to trade digital assets

On March 24, Bank Leumi announced that it would offer cryptocurrency trading, making it the first Israeli bank to allow customers to purchase and sell digital assets. Leumi is one of the country's two major lenders.

Pepper Invest, the lender’s digital platform, has collaborated with blockchain infrastructure provider Paxos to ease the introduction of crypto trading. Customers of Pepper Invest can now purchase, trade, and hold cryptocurrencies using the new service.

Initially, the site would only accept Bitcoin and Ethereum transactions. In addition, the minimum transaction amount for cryptocurrencies has been imposed at 50 shekels (about $15.50). Furthermore, it will eliminate the hazards associated with downloading a digital currency wallet. 

In the official statement, Pepper Invest stated that it will collect tax in accordance with the Israeli Tax Authority norms, so customers will not have to deal with tax difficulties. The statement, however, did not provide any estimated launch date for the new services. It only stated that clearance is still pending with the Israeli regulator.

Previously, banks throughout the world were hostile to cryptocurrencies, but this has changed due to increased demand from institutions and individual consumers. Furthermore, rather than enforcing a ban, officials are now focusing on introducing regulations to the industry. 

Bank Leumi is not the first lender in the world to invest in cryptocurrency. DBS, based in Singapore, currently provides crypto trading services to institutions and plans to expand these services to retail consumers by the end of 2022. Furthermore, South Korea’s KB Bank is planning to provide cryptocurrency investment products to retail customers, and numerous other banks are examining similar opportunities.

Related news:

Israeli Central Bank published draft paper for public comments on crypto deposits

Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.
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