The Pepper Invest platform, which is owned by the Israeli Bank Leumi, will allow customers to invest in cryptocurrencies. To do so, the service has entered into a partnership with Paxos, Reuters reports.
Now, users will be able to make transactions with Bitcoin and Ethereum, as well as store these assets. The minimum investment threshold will be set at 50 shekels. To access cryptocurrencies, users will not need to create a digital wallet.
Pepper Invest has not disclosed a launch date for the service. The platform is awaiting approval from regulators. According to the statement:
“Pepper will collect the tax in accordance with the Israel Taxation Authority’s recommendations, so customers won’t have to deal with complex related issues.”
Bank Leumi is one of the largest banking groups in Israel. At the end of last year, the total value of assets under its management exceeded $665 billion.