Israel's Discount Bank to Offer Bitcoin and Ethereum Trading
Translated & summarized from TheMarker by baba
Discount Bank will launch a cryptocurrency trading service for its customers on November 26, allowing trades in Bitcoin and Ethereum via its app. The bank will hold the digital assets for clients in a "closed garden" system, initially free of charge. The service will also facilitate tax deductions on capital gains and losses within investment portfolios.
The story in 5 lines · by baba
- Discount Bank will offer Bitcoin and Ethereum trading starting November 26.
- Customers will trade crypto via the bank's app within a "closed garden" system.
- The bank will hold cryptocurrencies for clients, initially without charge.
- The service will allow for tax deductions on capital gains and losses.
- Banks are entering crypto while reportedly hindering regulated trading platforms.
Discount Bank announced on Wednesday that starting November 26, its customers will be able to trade in Bitcoin and Ethereum cryptocurrencies through the bank's app. The service will operate within a "closed garden" framework, meaning customers will not directly hold the cryptocurrencies themselves. Instead, the bank will hold the digital assets on behalf of its clients, initially at no cost. The bank also stated that the service will allow for the netting of capital gains and losses within a client's investment portfolio for tax deduction purposes. This move by Discount Bank into the cryptocurrency space occurs as banks reportedly continue to create difficulties for regulated trading platforms within Israel.
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