Israel’s Banking Giant Offers Trading In Bitcoin And This Altcoin!

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US-based crypto technology company Paxos and Bank Leumi, one of Israel’s largest banks, announced their partnership following the agreement 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.

Here is the company’s statement on trading cryptocurrencies using Pepper Invest’s trading account:

The simple selling procedure is a significant innovation regarding the current difficulty of converting cryptocurrencies into current account money using currently available tools.

Pepper CEO Uri Natan had this to say about pioneering crypto trading in Israel:

We are proud to be one of the first in the banking system in Israel and one of the few in the world to offer our customers a simple, secure and reliable way to trade cryptocurrencies without having to download a wallet and make any transactions.

Cryptocurrency market continues to rise

According to Coinmarketcap data, the total crypto market cap has reached the $2 trillion resistance. At the time of writing, major altcoins were all bullish. As Somanews, we have included in their analysis, Bitcoin is trading above $ 44,000 and Ethereum has exceeded $ 3,100.

Why is the deal important?

According to the Israel Tax Service, 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.