Pepper Invest, the platform owned by Israel’s Bank Leumi, will allow clients to invest in cryptocurrencies. To do so, the service formed a partnership with Paxos, Reuters reports citing the bank’s statement.
Users will be able to trade Bitcoin and Ethereum, as well as store these assets. The minimum investment threshold will be set at 50 shekels (~$15.50). Access to cryptocurrencies will not require creating a digital wallet.
Pepper Invest did not disclose a launch date for the service. The platform is awaiting regulatory approval.
“Pepper will levy taxes in line with the Israeli Tax Authority’s guidelines, so clients won’t have to deal with complex ancillary questions,” according to the statement.
Bank Leumi is one of Israel’s largest banking groups. As of 2021, the total assets under its management exceeded 2,144 billion shekels ($665 billion).
Earlier the bank joined the alliance with National Australia Bank and Canadian Imperial Bank of Commerce. The latter uses the Ripple network to carry out cross-border payments.
In February 2022, the Israel Capital Market Supervisory Authority asked Binance for clarifications regarding services offered in the country and licensing.
Follow ForkLog’s Bitcoin news on our Telegram — cryptocurrency news, prices and analytics.