Discount Bank to Launch Digital Currency Trading for Customers
Translated & summarized from Maariv by baba
Discount Bank will launch a digital currency trading service for its private customers starting November 26, 2026. The service allows buying and selling crypto via the bank's app, with integrated tax handling for gains and losses. As part of the launch, the bank is offering six months of free account management, though specific trading fees remain undisclosed. The bank warned of the high risks associated with cryptocurrency trading.
The story in 6 lines · by baba
- Discount Bank will enable digital currency trading for customers starting November 26, 2026.
- The new service allows crypto trading directly through the bank's mobile application.
- Cryptocurrency gains and losses will be integrated into customers' investment portfolio tax calculations.
- The service is available to private customers aged 18 and over.
- Discount Bank is offering six months of free account management fees for the new service.
- The bank cautioned that digital currency trading involves high risk and volatility.
Starting November 26, 2026, customers of Israel's Discount Bank will be able to engage in digital currency trading through a new service. The bank announced that clients will be able to buy and sell cryptocurrencies directly via the bank's app, with proceeds from sales automatically transferred to their bank accounts. The digital assets will be held in wallets managed within the banking service framework, utilizing the fintech company Fireblocks for secure storage, management, and transfer of digital assets.
A significant innovation in the service relates to taxation. The platform will allow for the offsetting of capital gains and losses within a client's investment portfolio for the purpose of tax deductions. This integration means that cryptocurrency activities will be incorporated into the existing tax mechanisms for bank investment portfolios, subject to the bank's terms of service.
The new service will be available to private customers aged 18 and above who have linked their bank account to securities trading and meet the bank's eligibility criteria. As part of the launch promotion, Discount Bank is offering six months of free account management fees and what it describes as attractive trading commissions, though specific rates were not disclosed.
Discount Bank emphasized that trading in digital currencies carries a high level of risk, significant volatility, and the potential for complete loss of invested funds. The bank views this initiative as a "first step towards establishing a technological infrastructure."
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