US-based crypto technology company Paxos and Bank Leumi, one of Israel’s largest banks, announced their partnership after the agreement was reached on Thursday. Bank Leumi will be the first company in Israel to allow crypto trading. The bank is preparing to open transactions for its clients for Bitcoin and a popular altcoin…
Bank Leumi will allow altcoin trading
The list is limited to Bitcoin and Ethereum for now. According to the announcement on March 24, Bank Leumi will allow crypto trading in Bitcoin and Ethereum through its digital platform Pepper Invest, with the initial release date and regulatory clearance to be determined later. Leumi’s digital arm, Pepper Invest, will manage tax complexity and collect taxes according to Israeli Tax Authority standards to facilitate crypto trading for its clients. Customers will also be able to use the cryptocurrency trading service without having to download a crypto wallet.
Company statement on trading cryptocurrencies using the trading account of Pepper Invest:
Simple selling procedure, trading cryptocurrencies using tools currently available It is an important innovation regarding the current difficulty of converting into current account money.
Uri Natan, CEO of Pepper, said:
It allows our customers to trade cryptocurrencies simply, securely and reliably without having to download a wallet and without any transaction. We are proud to be the first in the Israeli banking system and one of the few in the world to offer
Cryptocurrency market continues to rise
According to Coinmarketcap data, the total crypto market cap has reached $2 trillion resistance. At the time of writing, major altcoins were all bullish. As Cryptokoin.com has included in their analysis, Bitcoin is trading above $ 44,000 and Ethereum has exceeded $ 3,100.
Why the deal matters
According to the Israel Tax Authority, the use of cryptocurrencies in Israel is considered a form of virtual payment and is taxable. That said, Bank Leumi’s launch of Bitcoin and Ethereum trading in Israel is an important step towards crypto adoption.
27169
