Bank Leumi, one of the largest banks in Israel, has become the first in Israel to offer crypto trading after an agreement with U.S. crypto firm Paxos on Thursday. Customers of Leumi’s digital arm, Pepper Invest, will be able to buy, hold and sell cryptocurrencies worth at least 50 shekels per transaction, which is approx. $15.49. However, the crypto trading will be limited to Bitcoin and Ethereum for now.
Bank Leumi to enable crypto trading in Bitcoin and Ethereum through its digital platform Pepper Invest, with the launch date and regulatory approval still pending, as reported by Reuters on March 24.
Moreover, in order to simplify crypto trading for its customers, Pepper Invest will manage tax complexities and collect tax as per the rules of the Israel Tax Authority. Also, the customers will be able to use the crypto trading service without downloading a digital wallet.
The message from the company regarding the purchase and sell cryptocurrencies through Pepper Invest’s trading account, read:
“The simple sale procedure is a significant innovation in relation to the existing difficulty in converting cryptocurrencies to money available in the current account, using the tools currently available.”
Uri Natan, CEO of Pepper, on pioneering crypto trading in Israel, said:
“We are proud to be the first in the banking system in Israel, and one of the few in the world, to offer our customers to trade cryptocurrencies in a simple, safe and reliable way, without having to download a wallet, and without having to deal with the tax authorities.”
According to the Israel Tax Authority, the use of cryptocurrencies in Israel is considered a means of virtual payment and subject to taxation. However, the start of Bitcoin and Ethereum trading by Bank Leumi in Israel is a remarkable step towards crypto adoption.
As per Coinmarketcap, the total crypto market cap has surpassed $2 trillion today. The prices of most cryptocurrencies have been rising today, with Bitcoin trading above $44,000 and Ethereum trading above $3100, both up nearly 3% in the last 24 hours, at the time of writing.
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