PEPPER by Leumi will enable cryptocurrency trading
TEL AVIV, Israel, March 25, 2022 /PRNewswire/ — Pepper Investdigital investment platform Pepper by Leumi (TASE: LUMI), today announced the launch of an innovative and unique service for the Israeli banking system – cryptocurrency trading. Pepper will thus be the first banking platform in Israel – and among the few in the world – to allow its customers to trade cryptocurrencies, in an attractive pricing model. The services will also become available to Bank Leumi customers in the near future.
The new service is the result of a recently finalized collaboration between Leumi Group and US-based Paxos, the leading regulated blockchain infrastructure platform. Once the required regulatory approvals have been obtained, the service will allow Pepper Invest clients to buy, hold and sell cryptocurrencies, initially Bitcoin and Ethereum, from an amount of NIS 50 per operation. With one click, clients will be able to buy and sell cryptocurrencies through their trading account at Pepper Invest. During the sale transaction and conversion back to NIS in the checking account, Pepper will collect the tax according to the guidelines of the Israel Tax Authority so that customers do not have to deal with tax complexities. The simple sale is an important innovation compared to the current difficulties of converting cryptocurrencies into funds available in a current account, with the tools currently available.
Paxos is a pioneer in creating secure and regulated digital asset solutions for some of the world’s largest companies. The company was founded in 2012 and holds regulatory licenses with major regulatory authorities in the United States. It has the most comprehensive oversight of any global blockchain operator. The company has dozens of customers and strategic investors, such as Paypal, Bank of America and Revolut. It manages more than $20 billion of assets and reaches more than 400 million end customers worldwide.
Uri NathanPepper CEO: “We are proud to be the first in the Israeli banking system and one of the few in the world to offer our customers the ability to trade cryptocurrency simply, securely and reliably without the need to download a wallet. crypto and with all the tax complexities solved by the bank This is a game-changing step and provides our clients with a bridge to the new era of investments and the future of banking.”
SOURCE Bank Leumi