Leumi Bank, one of Israel’s largest financial institutions, aims to initiate BTC and ETH trading. The bank’s representative recently announced the establishment of a related subsidiary, Leumi Pepper Invest.
Paxos blockchain solution serves as the foundation for the platform. Customers of participating banks will be able to invest in bitcoin and other cryptocurrencies conveniently and securely.
According to banking executives, this digital service will act as a kind of bridge. It will allow bank customers to conduct transactions using cryptocurrencies as well as standard financial instruments.
The launch date of the service is yet to be determined. The business is lagging behind regulators, according to a bank spokesman. To develop a digital platform, a bank must first obtain a license. At the same time, Leumi Bank is sure that the authorized acquisition will be simple.
Taxes will also not be a concern for users of digital services. The platform will charge citizens for the services provided. This will save consumers time and avoid tax problems.