Discount Bank to Offer Bitcoin, Ether Trading Via Mobile App
Translated & summarized from i24NEWS French by baba
Discount Bank will allow its customers to buy, hold, and sell Bitcoin and Ether via its mobile app starting November 26, potentially becoming the first Israeli bank to offer such services. Competitor Bank Leumi plans a similar service for early 2027. Prime Minister Benjamin Netanyahu has also suggested using cryptocurrencies to protect Israel's economy from sanctions.
The story in 5 lines · by baba
- Discount Bank clients can trade Bitcoin and Ether via mobile app starting November 26.
- The bank will charge a 2% commission on trades and waive management fees for six months.
- Fireblocks will provide the infrastructure for cryptocurrency custody.
- Bank Leumi plans a similar cryptocurrency trading service for early 2027.
- Prime Minister Netanyahu suggested using crypto to counter international sanctions.
Discount Bank announced on Wednesday, November 11, that its customers will be able to buy, hold, and sell Bitcoin and Ether directly through its mobile application starting November 26. This new service will be available to adult individual clients whose accounts already permit securities trading. Users will not need to open separate exchange accounts or manage digital wallets, and proceeds from sales can be directly credited to their bank accounts. The bank plans to waive management fees for the first six months. According to the Israeli financial newspaper Calcalist, a 2% commission will be charged on both purchases and sales. Fireblocks' infrastructure will be used for cryptocurrency custody. Discount Bank cautioned that these assets are subject to significant price volatility.
This move positions Discount Bank to potentially become the first bank in Israel to offer such services, ahead of its competitor Bank Leumi. Bank Leumi had announced in August a partnership with Galaxy Digital to enable its customers, and those of its digital bank Pepper, to trade Bitcoin, Ether, and Solana through the Leumi Trade app. However, this service is not yet available, with a launch planned for early 2027.
Separately, Prime Minister Benjamin Netanyahu discussed cryptocurrencies in October, suggesting Israel could use them to shield its economy from broader international sanctions.
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