Leumi Partners with Galaxy Digital for In-App Crypto Trading
Bank Leumi, Israel's oldest commercial bank, has announced a partnership with Galaxy Digital and its institutional custody subsidiary GK8 to offer Bitcoin, Ethereum, and Solana trading directly inside its banking apps. This move makes Leumi the first major Israeli commercial bank to partner with an institution for cryptocurrency trading.
The service will be available through Leumi's Leumi Trade investment platform and mobile-first Pepper app, allowing customers to buy, hold, and sell cryptocurrencies without setting up a separate exchange account or digital wallet. The bank will handle tax reporting in compliance with Israeli Tax Authority guidelines.
This is not the first attempt by Leumi to offer cryptocurrency trading; it previously announced a similar ambition in March 2022, but it was met with regulatory hurdles. However, this new partnership lands in a different regulatory environment, with recent changes from the Bank of Israel and other authorities creating a more favorable climate for digital asset firms.