Discount Bank Sets November 26 Bitcoin and Ether Launch
Israel’s Discount Bank plans BTC and ETH trading through its app from November 26, with assets held in bank wallets using Fireblocks infrastructure.
Key Notes
- Discount plans Bitcoin and Ether trading through its banking app from November 26.
- Eligible private customers must be at least 18 and have accounts enrolled for securities activity.
- Assets will sit in the bank’s wallets using Fireblocks infrastructure.
Israel Discount Bank plans to let customers buy, hold and sell Bitcoin and Ether through its banking app from November 26, bringing direct cryptocurrency investing into the same service they use for stocks and bonds.
The bank announced the launch on November 11 and described it as a first for Israel’s banking system. The timetable would put Discount ahead of Bank Leumi, whose competing service is expected in early 2027. Discount’s offering is scheduled to open later this month.
Bank Wallets Replace Separate Crypto Accounts
According to the bank statement, customers will be able to trade from their existing accounts without registering with an outside cryptocurrency exchange or managing a separate digital wallet. Proceeds from sales will return directly to their bank accounts.
Access will be limited to private customers aged 18 and over who have enrolled their accounts for securities activity, subject to the bank’s terms and the service agreement. The initial lineup covers Bitcoin and Ether.
Assets will be held in the bank’s wallets using Fireblocks infrastructure. That places custody within the banking service while using a specialist technology provider for digital asset operations.
Fireblocks’ custody documentation explains that institutions use its technology to operate their own arrangements and control cryptographic key shares. Fireblocks does not itself hold customer assets or move funds on an institution’s behalf. The bank’s announcement does not specify which storage configuration it will use or whether transfers to external wallets will be available.
Six-Month Fee Waiver and Portfolio Tax Handling
Discount is offering a six-month exemption from account-management fees and describes its trading commissions as attractive. Its published announcement does not specify the commission rate or the management charges that would apply after the introductory period.
Calcalist reported a 2% charge for purchases and sales. That reported figure is separate from the terms disclosed in the bank’s launch statement.
The service will also allow capital gains and losses from crypto activity to be offset within customers’ investment portfolios for withholding-tax purposes, the bank said. This incorporates tax handling into the account workflow, rather than establishing a new tax exemption for cryptocurrency investments.
Discount Aims to Launch Before Leumi
Leumi announced a Galaxy partnership in August covering Bitcoin, Ether and Solana through Leumi Trade. Its plan includes trading infrastructure and custody technology, with availability expected in early 2027. Leumi’s own announcement makes the launch subject to Bank of Israel approval.
Discount’s November target would give it an earlier operating service if it meets that schedule. Globes noted that Leumi had also outlined a Pepper Invest initiative with Paxos in 2022, which did not reach a full-scale launch.
The move follows wider banking adoption, including Deutsche Bank’s institutional custody launch. Discount’s service is aimed at eligible retail customers, and the bank warns that crypto trading remains highly volatile and can result in the loss of the entire investment.
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