Why This Centennial Israel Bank Has Enabled Crypto Trading


According to a Reuters report, Leumi, the biggest banking institution in Israel, has enabled crypto trading. The first bank in this country to provide its users access to this nascent asset class, clients will be able to trade Bitcoin, Ethereum.

Related Reading | What FUD? JP Morgan CEO Sees Crypto Going To $5 Trillion

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

In order to provide the service, Reuters said, the bank will use its digital platform Pepper Invest. The financial institution has entered into a partnership with Paxos, the U.S.-based regulated blockchain company.

How To Get Free Crypto  

At the moment, the bank’s customer can only buy, sell, and hold Bitcoin and Ethereum with transactions of $15.49, as a minimum. Reuters quoted the following source on the additional advantages of using this service:

Pepper will collect tax according to the guidelines of the Israeli Tax Authority so that customers will not need to manage tax complexities.

The service is currently pending approval from the Israeli regulator. Therefore, the bank is yet to provide an official launching date for the product.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

According to the report, Leumi is launching the service to remove friction from the process of trading crypto. Including the need for users to download and maintain a digital wallet.

This suggests users won’t hold the private keys to their Bitcoin and Ethereum and could be ceding too much power to the financial institution. The bank could determine when and why a user could be locked out of their funds.

Coinbase Banner  

Thus, this new service seems less efficient than actually holding Bitcoin and Ethereum on a digital wallet controlled by the user.

However, as seen below, the bank’s Pepper app would allow users to invest in digital assets, and in public company stocks. Much like Robinhood, the TradeFi U.S. app with offers similar features, users can purchase Apple, Amazon, and other equities.

Pepper app. Source: Globe

Crypto To Enter The Israel Mainstream

A separate report from Globes indicates the Israeli bank chose Paxos because it’s subject to a high level of scrutiny from U.S. authorities. The company holds several licenses to operate with Bitcoin, altcoins, and blockchain technology.

Since its foundation in 2021, the company has managed to consolidate important partnerships with PayPal, Revolut, and the Bank of America, Globes said. Paxos has over $20 billion in assets under management.

FreeBitcoin Banner  

Uri Natan, CEO of Pepper, told Globes the following on their recent cooperation with Leumi:

We are proud to be the first in the banking system in Israel, and one of the few in the world, to offer our customers to trade cryptocurrencies in a simple, safe and reliable way, without having to download a wallet, and without having to deal with tax authorities. This is a game changer that has opened a window for our clients into the next world of investments and the future of banking.

Related Reading | Bitcoin Hits Milestone, Goldman Sachs Announces First BTC Cash Settled Transaction

At the time of writing, Bitcoin trades at $44,400 with a 1.4% profit in the last 24-hours.

BTC’s price trends to the upside on the 4-hour chart. Source: BTCUSD Tradingview

Go to Source
Author: Reynaldo Marquez

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.