Banks across the world are increasingly opting to offer crypto services as the industry grows steadily in recent years. The latest to embrace Bitcoin (BTC) and Ethereum (ETH) is the Israeli’s largest bank, Leumi, in partnership with the blockchain company Paxos.
According to the report, Bank Leumi is the first bank to enable crypto trading services in the country. The company’s digital platform Pepper Invest made the announcement on Thursday after sealing a partnership with the US-based blockchain company Paxos.
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It should be noted that Paxos was allowed by the United States Securities and Exchange Commission (SEC) to launch a program to settle trades back in 2019. Since then, the network has attracted the attention of many big players from the legacy finance world.
With the new development, Pepper Invest customers will be able to buy and sell cryptocurrencies, which include only Bitcoin (BTC) and Ethereum (ETH) for now, in transactions worth at least 50 shekels ($15.49), the report added.
The report says the statement gave no launch date, but it’s currently awaiting regulatory approval. So, the service could go live any moment from now.
According to the statement, as quoted by Reuters, Pepper will collect tax according to the guidelines of the Israeli Tax Authority so that customers will not need to manage tax complexities, adding that the service will also eliminate the risks of downloading a digital wallet.
Reacting to the new development, Pepper Invest CEO Uri Natan, 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.”
It’s worth noting that Leumi is one of the two largest banks in Israel.
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