Leumi Bank – among the top-tier Israel-based lenders – has reportedly introduced facilitating features for Bitcoin (BTC) and Ether (ETH) trading.

Specifically, Pepper Invest, the digital platform built by Leumi, has reportedly forged an alliance with blockchain infrastructure provider Paxos to release crypto trading functionalities. 

Customers of Pepper Invest will now have the power to purchase, sell and hold cryptocurrencies using the new service.

The initiative will reportedly be providing support for BTC and ETH only at the moment, with further plans to facilitate different crypto assets. 

Moreover, the lowest allowed transaction value for cryptocurrencies was reportedly locked in at approximately $15.50 (50 shekels), as per the report.

The official timeline for kickstart is reportedly yet to be revealed, and the initiative is looking for regulatory greenlight. 

“Pepper will collect tax[es], according to the guidelines of the Israeli Tax Authority, so that customers will not need to manage tax complexities.”

Banks throughout different nations have reportedly adopted a rather hesitant stance to provide supporting features for BTC and other cryptocurrencies, but new developments in the market related to demand from corporations and individual customers witnessing a surge have helped fast-tracked the banks’ actions. 

In the past, Leumi Bank had reportedly sanctioned a barring on crypto exchange Bits Of Gold’s account, with reasons related to regulatory concerns. Nonetheless, a Supreme Court decision ruled in favor of the crypto exchange, and Leumi Bank could not block its customers’ accounts.

This is reportedly a major update, since it represents a paradigm shift in the global financial sector’s attitude for virtual assets. DBS of Singapore is already supplying crypto trading services to businesses and will extend these offerings to retail clients by the end of the year.