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Thursday, June 1, 2023

Second Largest Israeli Bank Leumi Launching Cryptocurrency Trading

Second Largest Israeli Bank Leumi Launching Cryptocurrency Trading – Leumi, Israel’s second-largest bank, has announced the opening of a cryptocurrency trading facility for customers of its digital investing platform. “Pepper Invest customers will be able to buy, sell, and hold cryptocurrencies using the service.”

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Pepper Invest, Pepper by Leumi’s (TASE: LUMI) digital investing platform, announced the debut of its cryptocurrency trading service on Friday.

“Pepper will be the first financial platform in Israel to allow its users to trade cryptocurrencies under an appealing price model,” according to the release, which also states that the service will soon be available to other Leumi customers in the near future.

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The new service is the result of a partnership between Leumi Group and Paxos, a regulated blockchain infrastructure platform based in the United States.

According to the release, once all regulatory permits are in place:

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“Customers of Pepper Invest will be able to buy, hold, and trade cryptocurrencies, starting with bitcoin and ethereum.”

Users of Bank Leumi can trade cryptocurrencies through their Pepper Invest trading account, and “Pepper will collect tax according to the standards of the Israeli Tax Authority so that customers do not have to deal with tax complexity,” the report stated.

Paxos was founded in 2012 and has regulatory licenses in the United States. It oversees about USD 20 billion in assets and serves over 400 million end-customers globally.

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Uri Nathan, the CEO of Pepper, said:

“We are happy to be the first bank in Israel and one of the few in the world to provide our customers with the ability to trade cryptocurrencies simply, safely, and reliably, without any need to download a crypto wallet and with all tax complexity handled by the bank.”

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