Pepper Invest, Pepper by Leumi’s digital investment platform, has announced that it will enable cryptocurrency trading, becoming the first banking platform in Israel to offer this service. 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, a 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, starting at NIS 50 (approximately 15 $.5) per transaction. 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.
Paxos, founded in 2012, holds licenses from major regulators in the United States and has dozens of customers and strategic investors, such as PayPal, Bank of America and Revolut. It manages over $20 billion in assets and reaches over 400 million end customers worldwide.
“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 resolved by the bank,” said Uri Nathan, CEO of Pepper. “This step is a game-changer and provides our clients with a bridge into the new era of investing and the future of banking. “