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Israel Discount Bank Becomes First in Country to Offer Bitcoin and Ethereum Trading
Discount Bank will launch direct Bitcoin and Ethereum trading through its mobile app.
Customers can trade crypto without opening accounts with external exchanges.
Discount Bank will waive account management fees for the first six months.
Israel Discount Bank, a $150 billion bank, has become the first in the country to offer Bitcoin and Ethereum trading through its mobile app. From November 26, customers can buy, hold, and sell both cryptocurrencies without using a separate exchange or wallet.
This puts the bank ahead of rival Bank Leumi, which plans to launch crypto trading in early 2027.
Discount Bank Brings Bitcoin Into Everyday Banking
On November 11, Israel Discount Bank announced that its new crypto trading service will go live on November 26, making it the first Israeli bank to offer direct in-app buying and selling of digital assets.
The service will initially support Bitcoin and Ethereum.
Eligible private customers aged 18 and above can trade the two assets directly from their bank accounts, provided their accounts are enabled for securities activity and they meet the bank’s terms.
Users will not need to open an account with a foreign crypto exchange or manage a separate wallet. Bitcoin and Ethereum will be held through bank wallets using Fireblocks’ digital asset infrastructure, while proceeds from sales can return directly to the customer’s bank account.
Discount Bank CEO Avi Levi called the launch “a first step” toward building the bank’s digital currency infrastructure.
Bank Adds Tax Benefits for Crypto Traders
One of the key features is the treatment of crypto taxes. Discount Bank said customers will be able to offset capital gains and losses from digital-asset activity against other investments in their portfolio for withholding-tax purposes.
This keeps the tax calculation within the banking and investment account, rather than leaving customers to handle the process separately.
The bank will also waive account management fees for the first six months. However, trading commissions are reported at 2% per purchase or sale.
Discount Bank Moves Ahead in Israel’s Crypto Race
The launch could give Discount Bank an early lead as Israeli banks compete to attract customers interested in crypto.
Bank Leumi announced a similar plan in August, allowing customers to trade Bitcoin, Ethereum and Solana through its Leumi Trade app. However, the service is not expected to launch until early 2027, as the bank moves ahead with its partnership with Galaxy Digital.
This is not Leumi’s first attempt to enter crypto trading. In 2022, it planned to launch a similar service with Paxos, but the Bank of Israel blocked the move.
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