Israel's Biggest Bank to Offer Bitcoin Trading in 2024

Israel's largest bank is about to make a big move into the world of cryptocurrency, opening the door for everyday customers to buy and sell Bitcoin directly through their bank.

Bank Leumi, the biggest bank in Israel, announced that it will become the first bank in the country to offer Bitcoin trading. Bitcoin is a type of cryptocurrency (digital money that exists only online and isn't controlled by any government or central bank).

To make this happen, Bank Leumi is teaming up with Galaxy Digital, a financial company that specializes in crypto services. Here are the key facts:

• The service will be available to customers early next year
• It will use GalaxyOne Institutional, Galaxy's platform built for banks and large financial firms
• Customers can trade Bitcoin and other cryptocurrencies
• The service will also be offered through Leumi's mobile banking app, PEPPER

Interestingly, this isn't Bank Leumi's first attempt. The bank first announced crypto trading plans back in 2022, but paused the project before now bringing it back to life.

According to Maya Ravia, the bank's Head of Strategy, digital assets are becoming a normal part of the global money system. She said the bank's job is to let customers benefit from this within a "reliable, secure, and regulated" setting — meaning the trading happens safely under official rules.

Galaxy Israel CEO Lior Lamesh added that banks that move quickly into crypto will lead the future of finance. The plan includes both trading and custody (safely storing customers' digital coins) with strong security.

Why is crypto growing in Israel? According to research firm Chainalysis, adoption has been steadily rising. Part of the reason is that ongoing conflicts — including the wars involving Gaza and Iran — have led some Israelis to view digital assets as a "safe-haven" (a place to protect money during uncertain times).

In short: A major, trusted bank offering Bitcoin marks an important step toward making crypto a mainstream, everyday option for regular people in Israel.

This is an AI-generated summary. Read the original article at: https://bitcoinmagazine.com/news/israel-bank-leumi-to-debut-bitcoin-trading