Max E.Fri, Mar 25, 2022 7:00 PM
Major Israeli Bank Opens Access to Cryptos
According to media reports, one of the largest Israeli banks, Leumi Bank, will begin providing digital asset trading services to its clients.
The corresponding agreement was signed by Pepper Invest, the bank's digital platform, and the American company Paxos, which is engaged in blockchain infrastructure development.
Pepper Invest’s clients can now buy, sell and store cryptocurrencies. Users will be able to make transactions in BTC and ETH, as well as store assets. It is expected that support for other cryptocurrencies will be added in the future. The minimum investment threshold is limited to 50 shekels (~$15.5). To access cryptocurrencies, clients will not need to create a digital wallet.
The launch date of the service is yet to be revealed – it is necessary to obtain the approval of the local regulator.
The financial institution stated that the bank's digital platform will collect taxes in accordance with government regulations and customers will not have to deal with tax issues on their own.
Leumi Bank, founded in 1902, has representative offices in the USA, Luxembourg, Switzerland, Great Britain and several other European countries. Currently, Leumi is one of the largest banking groups in Israel. At the end of 2021, the total value of assets under its management exceeded 2144 billion shekels ($665 billion).
Leumi provides users with a wide range of services in the commercial and consumer markets and is one of the most innovative banks in the country.
Earlier, Leumi Bank joined the alliance of National Australia Bank and Canadian Imperial Bank of Commerce. The latter use the Ripple network to make cross-border payments.
In other countries, banks were previously hesitant to accept cryptocurrencies, but the situation has changed as demand from corporations and individual clients has grown. Regulators have also shifted their focus from outright bans to developing a regulatory framework.