TL;DR Breakdown
• Israeli banking system would be the first to promote crypto trading.
• Bank Leumi partners with Paxos to launch its crypto platform.
Recently, Bank Leumi, one of the biggest service providers in the Israeli banking industry, became an open promoter of crypto trading in the country. According to reports, banks would now support transactions in Bitcoin and Ether, the number one and two cryptocurrencies by market capitalization.
Crypto trading is becoming more popular in Middle Eastern countries, starting with Turkey. Recently, there was speculation about its appearance in Russia after the Ukraine invasion. Bank Leumi recognizes the decentralized market’s profitability potential and attractiveness as a means of payment. Israeli banks will now support crypto trading and launch its crypto project, born from a partnership with the American company Paxos.
Israelis advance in crypto trading
As one of the most enigmatic countries in the Middle East, Israel has maintained a neutral stance regarding cryptocurrencies. However, the sentiments of national regulators seem to have shifted towards a favorable stance for the country’s digital asset market and crypto fans.
According to Reuters, Bank Leumi will collaborate with Paxos to launch its crypto wallet, which will support Bitcoin and Ether trading. The agency also indicates that the crypto interface will have “Pepper Invest” after advancing regulators’ verification. While the Israeli bank did not offer a deadline to launch its crypto website, we expect it to happen soon.
Bank Leumi follows the global crypto trend
With over a century of industry experience, the Israeli bank seems to be following the global trend regarding crypto. Bank Leumi may be planning to launch its cryptocurrency after making a presence in the country as a virtual market mover.
The national bank could be attracted to cryptocurrencies following the Bitcoin bullish streak in 2021. The token traded at almost $70,000 at the peak of the last bull run. Since then, it has lost almost 50 percent of its value to conflicts and regulations from the US and some European countries.
The banking service provider indicates that it would develop a project that converts the fiduciary currency, the shekel, to cryptocurrencies through a personal account. The Bank Leumi manager is pleased to be the facilitator of crypto operations in the country. The bank will offer a secure and easy-to-use system with all the client’s information.
Soon, the Israeli bank could explore Pepper Invest’s advances and expand the portfolio of tradeable tokens.
