‘Pepper’ Set to Become First Israeli Banking Platform To Offer Crypto Trading

Pepper Invest, the investment app of Pepper, Bank Leumi’s digital bank, will soon offer crypto trading. 

According to Bank Leumi’s press release, the new service is the result of a collaboration between Israel’s Leumi Group and U.S. company Paxos, a leading regulated blockchain infrastructure platform. Following completion of regulatory approvals, the service will allow Pepper Invest customers to buy, hold, and sell cryptoassets. The initial stage of the service will feature Bitcoin and Ethereum, with minimum transactions of NIS 50 ($15.50). 

Customers will be able to directly buy and sell cryptoassets through their trading account at Pepper Invest with “the click of a button.” The banking service will also automatically collect taxes for customers according to the guidelines of the Israeli Tax authority, thereby reducing complexity. 

Uri Nathan, CEO of Pepper, had this to say:

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 This step is a game-changer and offers our customers a bridge to the new era of investments and to the future of banking.

Paxos, founded in 2012, has become a pioneer in building safe, regulated digital asset solutions for companies around the world. The press release mentioned that Paxos has “the most comprehensive oversight of any global blockchain operator,” with “dozens of strategic customers and investors, such as Paypal, Bank of America and Revolut.”

This crypto trading service will also “become accessible to Bank Leumi customers in the near future.”

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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