Bank Leumi, cryptocurrency It will be the first Israeli bank to provide trading services. The company’s digital platform Pepper Invest made the announcement in crypto trading after its partnership with the US blockchain company Paxos.
Cryptocurrencies That Can Be Traded Are Limited To Bitcoin and Ethereum
With the new service that the company will create, Pepper Invest customers will be able to buy, store and sell cryptocurrencies. The company currently has crypto asset options bitcoin and Ethereum limited to. The bank also set a minimum transaction amount of 50 shekels ($15).
The company did not say when the service will be available to users in its statement, but stated that it is pending regulatory approval. Leumi is recognized as one of the two largest banks in Israel.
In a press release, the bank said that thanks to the service they provide, the risks that users take by downloading a digital wallet will also be eliminated, adding:
“Pepper will collect all required taxes according to the Israel Tax Authority’s guidelines, so customers don’t have to deal with tax complexities.”
It is noteworthy that the number of initiatives from the traditional financial sector to the crypto sector has increased recently. Goldman Sachs, which has a deep-rooted history, has also come to the fore with its elements related to digitalization and crypto technology on its website that it has recently renewed.
Founded in Jaffa in 1902, Bank Leumi operates as Israel’s largest bank today. The total value of the bank, which has more than 12,000 employees, is thought to be around 114 billion dollars.
*Not investment advice.