Paxos is working to redefine financial infrastructure by enabling the trustworthy, instantaneous movement of any asset at any time. Allowing companies to offer crypto to their customers is a crucial component of our strategy. Through Paxos Crypto Brokerage, the world’s most sophisticated enterprises can use Paxos’ regulated infrastructure to let their end users buy, sell and hold crypto safely and securely with a trusted custodian. We’re excited to announce our first integration with a large consumer bank: Israel’s Bank Leumi and its Pepper neobank.
The enormous activity in crypto markets and the regulatory space within the last year has demonstrated that cryptocurrency and digital assets are here to stay. Our integration with Bank Leumi demonstrates that financial institutions want to offer their customers crypto, but need the right regulated infrastructure partner to support their strategy and manage the complexity of these markets. We’re excited Bank Leumi is the first Israeli bank to offer this capability to consumers and have chosen our platform to enable their solution.
By choosing Paxos, Bank Leumi customers will be able to get the best prices on Bitcoin and Ethereum, hold their assets with confidence and know their transactions are safe as activity is conducted on a regulated platform. Bank Leumi will also manage the tax complexities of this new asset class on behalf of their customers. Users of Pepper by Leumi will first gain access to crypto, with Bank Leumi customers getting the new functionality soon after.
Uri Nathan, CEO of Pepper added, “We are proud to be the first in the Israeli banking system and one of the few worldwide to offer our customers the ability to trade cryptocurrencies simply, safely and reliably, without the need to download a crypto wallet. This step is a game-changer and offers our customers a bridge to the new era of investments and to the future of banking.”
Paxos is redefining the financial system with blockchain technology. By partnering with Paxos, market participants like Bank Leumi can participate in a new, open and transparent economy.