Bitcoin and Ethereum Trading Now Enabled by Israeli Largest Bank

One of the largest banks in the Israeli economy, Bank Lumeni, is now the first bank in the country to give access to crypto trading following the conclusion of agreements with US-based crypto company Paxos. Clients of Leumi’s digital banking platform, Pepper Invest, will now be able to hold and trade cryptocurrencies that are worth a minimum of 50 shekels on each transaction which is an approximate $15.49. But for now, however, the available crypto to be traded are just Ethereum and Bitcoin for the time being.

A Different Platform for a New Business

All the crypto trading activities will be carried out on Pepper Invest’s platform although the date of official launching and some regulatory approval are yet pending, according to a Reuters report on Thursday.

Importantly, as a means of simplifying the trading of crypto for its existing and potential customers, Pepper Invest is going to manage tax collection and other tax complexities according to the laws of Israeli tax authorities. Equally, the firm’s customers will have the opportunity of running their activities on the trading service without having to download any digital wallet.

In a public message from Leumi with regards to its new operation of buying and selling cryptocurrencies through its other business arm, Pepper Invest, the company said that the easy sale process is an important change in tandem with the already existing challenges with converting cryptocurrencies to fiat currencies that are available in current accounts while using tools that are immediately available.

The CEO of Pepper Invest, Uri Natan, made his opinion known on the feat of pioneering trading in crypto. He said the company is proud of itself as the first within the Israeli banking system, and indeed one of the few ones across the globe, to offer clients the platform to trade their crypto assets in such a simplified, safe, and very reliable way. Natan stated that other advantages users will derive from using the Pepper Invest service is that they do not have to download digital wallets or deal directly with tax authorities in any way as the company has taken that burden off them.

Bitcoin and Ethereum Price Keep Hitting High Notes 

As per Israel Tax Authority, cryptocurrencies are a means of settlement and virtual payment in Israel, hence, their taxability. Nevertheless, the beginning of Bitcoin and Ethereum transactions by Israel’s Bank Leumi is an important step in the direction of wider adoption of cryptocurrencies in the country.

According to reports, the market capitalization of Bitcoin and Ethereum has gone beyond $2 trillion as of Friday. The price of most cryptocurrencies has risen steadily.  

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