Israeli bank Leumi Bank will start trading cryptocurrencies

by in Cryptocurrency News

LEumi

Israel's leading bank, Leumi Bank, has confirmed the creation of a digital division supporting BTC and ETH. We are talking about the recently launched trading platform Leumi Pepper Invest. Through this platform, clients of a financial institution will be able to make a variety of transactions involving bitcoin and ether.

According to an official statement from Leumi Bank, it was helped to create a digital platform by entering into a partnership with blockchain infrastructure provider Paxos. It is worth emphasizing that Paxos is the developer of a very popular cryptocurrency exchange of the same name, which has been a success among many millions of traders for many years.

The management of the financial institution in a published press release noted that the newly minted digital service will become the so-called “bridge” between the traditional financial sector and the sphere of virtual money for the bank’s clients. The document states that all potential clients of Pepper Invest will have access to the use of completely new investment instruments, through which it will be possible to quickly and safely purchase, sell and exchange BTC or ETH.

According to reports, at first Leumi Pepper Invest will only support bitcoin and ether, but in the future, the bank's management intends to expand the list of available digital assets. To date, it is also known that, as soon as the service is officially launched, the minimum cost of one crypto-transaction will be $15.5.

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In a press release from the financial institution, the attention of clients was also focused on the fact that the launch date of Leumi Pepper Invest has not yet been precisely determined, it was only said that it would take place very soon.

“Now the main decision rests with the regulators. We are sure that there will be no problems with obtaining permission to operate a digital platform because recently the activity in the crypto sector has grown to a huge scale. The growth of interest in crypto products is forcing not only business companies but also the government to “change their minds,” the bank said in a statement.

Among other things, Pepper Invest stressed that all clients of the digital platform will be completely exempt from "tax hassles."

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“Leumi Pepper Invest is a service that is an automated system, the activity of which will fully comply with all the rules and guidelines of the Israel Tax Authority. We will collect the necessary tax from citizens for transactions. Naturally, each client will receive a detailed report on the charges. Our goal is to free users from tax difficulties as much as possible,” the press release says.