In a bid to attract Israeli crypto investors, Bank Leumi has announced that it will enable its customers to trade cryptoassets. Trading services will be carried out through the bank’s online trading platform Pepper Invest.
Pepper Invest is offering its crypto trading services in partnership with blockchain infrastructure platform Paxos (PAX).
The platform’s customers will be able to invest their funds in bitcoin (BTC) and ethereum (ETH), with transactions valued at a minimum of NIS 50 (USD 15.50), Reuters reported.
The platform requires its customers to invest the same amount for purchases of stock, with the shares of more than 100 major US companies available via its app, according to the platform’s website.
Furthermore, the platform said in a statement that,
“Pepper will collect tax according to the guidelines of the Israeli Tax Authority so that customers will not need to manage tax complexities.”
The statement did not disclose the expected launch date of the new service, but it said that regulatory approval was pending.
The bank claimed to be the country’s first institution of this type to make such a move.
Set up in 1902, Leumi says it is one of Israel’s largest banks. In 1948, Bank Leumi issued the country’s first banknotes, and today, more than 60% of Israeli startups work with LeumiTech, the Leumi Group’s high-tech banking arm, as their financial provider.
As of December 31, 2021, Bank Leumi held a total of NIS 537bn (USD 173bn) worth of deposits, up 20.1% from some NIS 447bn (USD 144bn) seen a year earlier, according to data from the institution’s annual report for 2021.
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