Bank Leumi will be the first Israeli bank to offer cryptocurrency trading services. Customers will be able to buy, hold, and sell bitcoin (BTC) and ether (ETH) starting at 50 shekels ($15.49), according to Leumi.
The bank Leumi has unveiled a new service for its clients. Customers can buy, hold, and exchange cryptocurrencies valued at least 50 shekels ($15.49). The service will be limited to Bitcoin and Ether at first.
Israel’s Second-Largest Bank, Leumi to Offer Bitcoin and Ethereum Trading
After working with U.S. blockchain firm Paxos, Bank Leumi (OTC: BLMIF) (LUMI.TA) said on Thursday that its digital platform Pepper Invest will become the first Israeli bank to permit cryptocurrency trading.
Customers of Pepper Invest will be able to purchase, hold, and trade cryptocurrencies worth at least 50 shekels ($15.49) using the new service, which will initially be limited to Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).
The notice did not provide a release date and only said that regulatory approval is pending. Leumi is one of Israel’s two largest banks. Banks are slowly warming up to the idea of incorporating cryptocurrency-related features into their platforms. They’ve been avoiding it for years, with some even criticizing the market and dismissing it as a fad. Cryptocurrency has been embraced by both small and major institutions.
Institutions in power do not want to miss out on the advantages of decentralized technologies. In addition, innovative platforms such as Coinbase and Robinhood have forced them to innovate and keep up.
Following several other banks around the world, Bank Leumi has decided to enable crypto trading. In November 2021, Australia’s Commonwealth Bank stated that its customers would be allowed to trade cryptocurrencies on its platform for the first time on the continent.
Institutions in power do not want to miss out on the advantages of decentralized technologies. In addition, innovative platforms such as Coinbase and Robinhood have forced them to innovate and keep up.
The usage of cryptocurrencies in Israel is considered a kind of virtual payment and is subject to taxation, according to the Israel Tax Authority. However, Bank Leumi’s launch of Bitcoin and Ethereum trading in Israel is a significant step toward crypto acceptance.
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