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Bank Leumi Will Be the First Israeli Bank to Allow Cryptocurrency Trading

Bank Leumi Will Be the First Israeli Bank to Allow Cryptocurrency Trading

Global banks and financial organizations are paving the way for the inclusion of crypto in their structures. This indicates that crypto is gaining mainstream attention and adoption from different spheres of the modern world.

Moreover, several states are believing that it is high time for them to accept crypto and digital assets, as they might be the future of the economic world. Similarly, Israel has become the latest state to pave the way for crypto trading through its Bank Leumi.

In a recent development, it has been announced that Bank Leumi from Israel has become the first bank in the country to allow crypto trading. The digital platform of the bank, Pepper Invest broke the news on Thursday. Pepper Invest has partnered up with a US based blockchain firm, Paxos.

Nonetheless, the users will now be allowed to buy, sell, and hold cryptocurrencies. However, the cryptocurrencies covered in this new development are only Bitcoin and Ethereum for now. The bank plans to include other cryptocurrencies after running a successful operation with these two. The transactions should have at least 50 shekels in either BTC or ETH. At the time of writing, 3.23 shekels are equal to $1.

bitcoin

Bank Leumi opens the gates for crypto community

Bank Leumi is among the top two banks of Israel. It has a huge following in the economic and finance sector in the region. Its incorporation of crypto trading will allow a range of consumers to enjoy the perks of the crypto world without any hassle.

Bank Leumi has announced the approval of crypto trading. However, no launch date was given to the consumers. The bank says that it is still awaiting regulatory approval to launch the new service for users. Moreover, the bank also added that Pepper Invest will collect taxes according to the guidelines of the Israeli Tax Authority. This will ensure that the users do not have to go through the complications of taxes.

Users will be able to easily deal with crypto and make trading or investing calls. They are also not required to download a digital wallet to carry on with their crypto-related activities. This new development from the Bank Leumi is opening new ways for the investing and trading community of Israel. The next few weeks will show how the decision is perceived by the users and consumers of the state.

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