Bank Leumi is delivering this service in collaboration with Paxos, a custody and trading platform based in New York.
Bank Leumi (LUMI), one of Israel’s leading banks, will begin offering crypto trading through its digital platform Pepper Invest, the firm announced in a news statement on Friday.
Bank Leumi will offer this service in collaboration with Paxos, a New York-based custody and trading platform, and will be the first bank in Israel to do so.
Customers will initially be able to purchase, hold, and trade bitcoin (BTC) and ether (ETH) in transactions starting at 50 shekels ($15.49), according to Leumi.
As of currently, no start date has been specified, and the relocation is subject to regulatory approval.
“Pepper will collect tax in accordance with the Israeli Tax Authority’s norms, eliminating the necessity for customers to manage tax complications,” Leumi stated in the release.
Reuters previously reported that Leumi will begin offering cryptocurrency trading.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.