Today Bank Leumi announced plans to launch cryptocurrency trading for clients. Its Pepper Invest division is partnering with U.S. based Paxos, which also provides crypto brokerage services to PayPal, and stablecoin services to Meta’s Novi and Binance.
The Israeli bank says it will enable clients to buy, hold and sell cryptocurrencies, starting with Bitcoin and Ethereum. The launch is subject to regulatory approval and Pepper will collect tax on behalf of the government.
“We are proud to be the first in the Israeli banking system and one of the few worldwide to offer our customers to trade in cryptocurrencies simply, safely and reliably, without the need to download a crypto wallet and with all tax complexities being resolved by the bank,” said Uri Nathan, CEO of Pepper.
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