Israel Discount Bank to Offer Bitcoin, Ethereum Trading From Nov. 26 - CoinMarketCap
Israel Discount Bank announced it will allow customers to buy, hold and sell Bitcoin and Ethereum through its banking app starting November 26.
The bank said customers will be able to trade the two cryptocurrencies directly from their bank accounts, with crypto assets held in the bank's wallets through fintech company Fireblocks. This eliminates the need for customers to manage dedicated digital wallets or open accounts on foreign exchanges.
Trading will be available to private customers aged 18 and over who have an account signed up for securities activity, subject to the bank's terms. The bank warned that crypto trading carries "an exceptional level of risk," including high volatility and the possibility of losing the entire investment.
Tax Benefits
The service will allow capital gains and losses to be offset within customers' investment portfolios for tax withholding at source, providing a significant advantage for crypto investors in Israel. The bank is offering six months without account management fees and what it described as low trading commissions, though specific commission rates were not disclosed.
This is a first stage on the way to establishing an advanced technological infrastructure in the world of digital currencies.
Global Trend
Israel Discount Bank's move follows a broader trend of traditional financial institutions embracing cryptocurrency. Other banks and regulators worldwide, including the Bank of Russia and Deutsche Bank, are also widening access to crypto services. At press time, Bitcoin was trading at $71,923, down 3.3% over 24 hours according to CoinMarketCap data.
The project was led by Elad Fisher, head of the bank's Financial Markets Division, according to the bank's Hebrew-language release dated November 11. This development marks a significant step in the integration of cryptocurrencies into mainstream banking services in Israel.
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