The National Bank of Israel (Bank Leumi) has announced that it will allow its customers to trade in cryptocurrencies, making it the first bank in Israel to do so. This move follows increasing demand for digital currencies as an investment and trading option.
According to Bank Leumi, one of Israel’s two largest banks, the new service will be offered in partnership with U.S-based crypto firm Paxos and through the ‘Pepper Invest’ digital investment platform, which is responsible for the bank’s technology and innovative initiatives.
The new mechanism will allow Pepper Invest users to buy, hold and sell cryptos, initially Bitcoin (BTC) and Ethereum (ETH). Trades will begin at a price of 50 NIS (Israeli shekels/$15.54), Leumi said in a press release, adding that it will make provisions to accept additional cryptocurrencies in the future.
The bank, which was established as far back as 1902, has not announced a launch date yet, since they are still waiting for regulatory approval. The work that has been done so far however, points to a rollout of the service soon, according to the bank.
Pepper Invest’s CEO, Uri Natan, commented on the new initiative, stating that the company is proud to be the first within the Israeli banking system to offer a crypto trading platform to its clients.
He also added that Pepper Invest is simplifying the trading process for its crypto customers by managing the taxation aspect of the trades according to the laws of Israeli tax authorities.
Additionally, Natan stressed the importance of wider adoption of cryptocurrencies in the country.
Cryptocurrencies are becoming more and more popular, but there are still many people who don’t understand them and their underlying technology. This could start to change thanks to a new crypto push by major financial institutions. This will make it easier for customers to buy and sell cryptocurrencies, which could lead to wider adoption of digital currencies.
Cryptocurrencies have the potential to revolutionize how we do business, so it’s important that more people start using them. Thanks to banks like Goldman Sachs and Bank Leumi, this may finally become a reality.