‘Pepper’ from Leumi has announced that it will allow trading in cryptocurrencies | ‘Pepper’ has reached an agreement with the American company Paxos on a collaboration that will allow customers to purchase, hold and sell cryptocurrencies | The service will be launched upon receipt of the required regulatory approvals Later, the service will also be available to Leumi customers
Shi Klein 27.03.2022
For the first time in the banking system in Israel, Pepper Invest, Pepper’s digital investment platform from Beit Leumi, announced today the launch of an innovative and unique service for the banking system in Israel – Cryptographic currency trading. In this way, Pepper will be the first banking platform in Israel – and one of the few in the world – that will allow its customers to trade in cryptocurrencies, using an attractive pricing model. Later on, the service will also be available to Bank Leumi customers.
The new service is the result of a recently concluded collaboration between the Leumi Group and the American company Paxos, a platform in the crypto world that is overseen by American regulators. Upon completion of the required regulatory approvals, the service will allow Pepper Invest customers to purchase, hold and sell cryptocurrencies, In the first phase of the Bitcoin and Etherium typeStarting from an amount of 50 NIS per operation.
Thus, at the click of a button, the customer will be able to purchase and sell cryptocurrencies through his trading account at Pepper Invest. When selling and converting back to shekels in the current account, Pepper will collect tax in accordance with the guidelines of the tax authority, so that the customer will not have to deal with the issue of taxation at all. The simple sale procedure, as mentioned, is a significant innovation in relation to the existing difficulty in converting cryptocurrencies to money available in the current account, with the tools that exist today.
Paxos is a pioneer in building digital asset management solutions, in a safe and regulatory manner, for the world’s leading companies. The company, founded in 2012, holds licenses from American regulators, and is the most supervised body of its kind. The company has dozens of strategic customers and investors, such as PayPal, Bank of America, and Revolut. Paxos manages more than $ 20 billion in assets and serves more than 400 million end customers worldwide.
Uri Natan, CEO of Pepper, said, “We are proud to be the first in the banking system in Israel, and one of the few in the world, to offer our customers to trade cryptocurrencies in a simple, safe and reliable way, without having to take down a wallet, and without having to deal with the tax authorities. This is a game changer that opens a window for our clients into the next world of investments and the banking of the future. ”