Israel’s second-largest bank, Bank Leumi, will soon allow customers to trade in both bitcoin (BTC) if ethereum (ETH)† This is accomplished through a partnership with crypto company Paxos. Although it will remain with bitcoin and ethereum for now, the bank has already indicated that other cryptocurrencies can be added in the future.
Bank Leumi first bank to offer bitcoin
This is what the bank made yesterday in an announcement known. With this great new step, Bank Leumi becomes the first bank in Israel where customers can also trade in cryptocurrencies. Of course, it is also possible for these customers to have their bitcoin and ethereum deposited at the bank.
However, it is not yet final that this plan will actually get off the ground. The move has yet to get regulatory approval, so it could fall through. Pepper Invest said it will collect taxes on its transactions according to guidance from the Israeli tax authorities so that customers don’t have to keep an eye on tricky tax issues.
Few other details are available, but more information should come in the coming weeks. Regulatory approval will be key and Israeli authorities are somewhat strict about the crypto market. For example, the largest crypto exchange in the world Binance has the operations in the country have to stop following a request from the country’s financial regulator.
Bitcoin adoption
Although we still have to wait for final approval from the financial authorities, this is another good example of the ever-growing adoption of the crypto industry around the world. Not long ago it was almost unthinkable that banks would embrace the crypto industry, but today banks are entering the new ecosystem on a large scale.
As more and more financial institutions such as banks come to see that the crypto industry is more than just a temporary hype, more and more banks will also take the same steps as Bank Leumi. It is only a matter of time before the next bank comes up with a similar message.
