Leumi Bank, through its digital platform Pepper Invest, will become the first Israeli bank to enable the trading of cryptocurrencies, per a Friday press release.
The new service is the outcome of collaboration recently finalized between Leumi Group and the US company Paxos, the leading regulated blockchain infrastructure platform. Upon completion of the regulatory approvals required, the service will allow Pepper Invest customers to buy, hold and sell cryptocurrencies, in the first stage Bitcoin, starting from an amount of NIS 50 per transaction. With the click of a button, customers will be able to buy and sell cryptocurrencies through their trading account at Pepper Invest. During the sale transaction and conversion back into NIS in the current account, Pepper will collect tax according to the guidelines of the Israeli Tax Authority so that customers will not need to manage tax complexities. The simple sale is a significant innovation compared to the present difficulties in converting cryptocurrencies into available funds in a current account, with the tools presently available.
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