Israel Discount Bank to Let Customers Trade Bitcoin in App Starting Nov. 26

AI summary of the source article

Israel Discount Bank announced that eligible private customers can buy, hold, and sell bitcoin and ether directly through its mobile app starting November 26. The closed-system service utilizes Fireblocks infrastructure and charges a 2% transaction commission.

Why it matters

Discount Group CEO Avi Levi stated: "This is a first step toward establishing advanced technological infrastructure in the digital currency space and developing the bank’s capabilities in this area."

Key facts

• Starting Nov. 26, Israel Discount Bank will allow adult Israeli private customers with securities accounts to trade bitcoin and ether in its app.
• The offering is a closed system built on Fireblocks infrastructure, charging a 2% trading commission with custody fees waived for the first six months.
• Capital gains and losses are automatically offset against the customer's investment portfolio at a 25% tax rate withheld at source.