TL;DR Breakdown
• Israeli banking would be the first to promote crypto trading.
• Bank Leumi partners with Paxos to launch its crypto platform.
Recently, the Bank Leumi, which would correspond to an old bank in Israel, became a main promoter of the crypto ecosystem within the country. According to reports, banks would accept negotiations with Bitcoin and Ether, the number one and two cryptocurrencies with the largest market capitalization.
Crypto trading is becoming more and more involved in Middle Eastern countries, starting with Turkey. Recently, there was speculation about its appearance in Russia after the Ukraine invasion. Bank Leumi recognizes that the decentralized market has good profitability for payments or passive investments. Israeli banking accepts crypto trading and publicizes its crypto wallet, 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 remained neutral with the use of cryptocurrencies trending globally. However, national regulators seem to move towards a favorable project for the country’s virtual market and crypto fans.
According to Reuters, Bank Leumi would be associated with Paxos to launch its crypto wallet in which Bitcoin and Ether trading is accepted. The agency also indicates that the crypto interface will have “Pepper Invest” after advancing regulators’ verification. But the Israeli bank notified that it does not have a deadline for launching the crypto website, but it is expected to be soon.
Bank Leumi follows the global crypto trend
With more than a century in operation, the Israeli bank seems to be following the worldwide crypto trend. 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 by the Bitcoin bullish streak in 2021. The token traded at almost $70,000, being its last ATH. Then, it lost almost 50 percent of its value due to conflicts and regulations between the US and some European countries.
The banking agency 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 operations with cryptos in the country. The bank will offer a secure system, easy to use and all the client’s information.
Soon, the Israeli bank could explore Pepper Invest’s advances and expand the portfolio of tokens to trade.
Source: https://www.cryptopolitan.com/bank-leumi-launches-its-pepper-invest/