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Leumi To Become First Bank in Israel To Offer Crypto Trading

Bank Leumi, one of the 2 largest banks in all of Israel, is all set to enable the holding, buying, and selling of cryptocurrency.

Israel Crypto Trading
Photo by Sean Pavone / Envato

Bank Leumi is all set to become the 1st bank in Israel that will enable cryptocurrency trading, according to a report from its digital platform titled Pepper Invest. Pepper Invest made the announcement on Thursday once it partnered with Paxos, a U.S. blockchain firm.

As part of the new service being enabled, it’s also said that any and all customers of Pepper Invest will now be able to hold, buy and sell cryptocurrencies (which are at the moment, limited to Bitcoin and Ethereum) in transactions that will be worth at least 50 Shekels (or $15.49).

As of right now, though, the statement did not mention a release or launch date of any kind, mentioning only that the regulatory approval is pending. Leumi has a great status as it is one of the 2 largest banks in the entirety of Israel.

The statement also mentioned that Pepper will be the one to collect tax per the guidelines of the Israeli Tax Authority as well, which is done to put the customers’ minds at ease since they won’t have to worry about it on their end. They said, “Pepper will collect tax according to the guidelines of the Israeli Tax Authority so that customers will not need to manage tax complexities,” in their statement.

Furthermore, they also added the fact that the service aims to remove the risks of downloading a digital wallet entirely as well.


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