Top Israel bank to start offering crypto trading services 🚨 This article is 3 years old...
Top Israel bank to start offering crypto trading services
Bank Leumi’s customers would be able to use Pepper Invest to trade Bitcoin and Ethereum.
2 min read
Updated: Mar. 25, 2022 at 11:14 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Top Israeli bank, Bank Leumi, is set to become the first bank in the country to enable crypto trading services through its digital platform, Pepper Invest. This is coming after the traditional banking institution entered into a partnership with blockchain firm Paxos.
Bank Leumi’s Pepper Invest crypto trading services
According to a Reuters report, users of Pepper Invest will be able to trade the flagship digital assets, Bitcoin and Ethereum, via the platform. It was revealed that customers could spend as little as 50 shekels ($15.49) for their crypto purchases.
It should be noted that the Bank Leumi announcement is still subject to the authorities’ approval, and as such, no specific date has been set for its launch.
However, part of the announcement reads that,
“Pepper will collect tax according to the guidelines of the Israeli Tax Authority so that customers will not need to manage tax complexities.”
Bank Leumi’s decision to embrace crypto trading points to the level of growth and popularity crypto-related activities are enjoying in the country. The bank is one of the largest banks in the Middle East country.
Just recently, Israel’s top financial regulator, the Israel Securities Authority, announced plans to regulate the crypto industry.
The regulator also hosted a fintech hackathon to score several collaborations with fintech experts. A move designed to help the regulator gain the needed exposure to regulate fintech and crypto.
Traditional banks keep moving towards crypto
While this is the first time a traditional bank in Israel is embracing crypto services, a number of conventional financial institutions around the world already have their hands in the crypto cookie.
Most traditional banks and institutions like Standard Chartered, CitiBank, MasterCard, BNY Mellon, and UBS have shown interest in the space by investing in various crypto projects.
And with the increasing fear of losing their client base to new crypto startups, banks like JPMorgan Chase and Goldman Sachs have stepped up their services by offering crypto trading options and offering crypto investment opportunities for their clients.
However, it should be noted that the lack of clear regulations guiding the crypto space appears to be a stumbling block limiting the majority of them from going fully into the industry.
But with the increasing adoption and popularity of the industry, more traditional institutions are likely to embrace the space, thereby bringing the much-needed regulatory clarity to the space.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Pax Dollar
$1.00046
Pax Dollar (previously Paxos Standard) is a regulated crypto asset.
JPMorgan
JPMorgan Chase & Co is a global leader in financial services, offering solutions to the world’s most important corporations, governments, and institutions in more than 100 countries.
Goldman Sachs
Goldman Sachs a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals.
