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The gold standard of the Israeli crypto world

For more than ten years, Bits of Gold has offered its customers an easy, straightforward, and secure gateway into the world of cryptocurrency, encompassing the purchase, storage, and sale of various digital currencies. The company earned a mark of distinction when Max, a leading credit card company, selected it as a partner to launch a new card that offers CashBack rewards in Bitcoin

Assaf Levanon, in collaboration with ICBW3. 03 September 2023

Omri Donio, Youval Rouach and Eldad Rodrig
From the right: Omri Donio, Youval Rouach and Eldad Rodrig | Photography: Yael Tzur

To establish, lead, make accessible, and promote the financial infrastructure based on digital currencies for both the Israeli and international consumer - this is the vision of Bits of Gold, pioneers among companies in Israel's crypto sector. Founded in 2013 by brothers Yuval and Yonatan Roash, the idea was conceived over Shabbat dinners at their parents' home, where then-novel concepts like "Blockchain" and "Bitcoin" frequently sparked discussion.

Recognizing the groundbreaking potential of these technologies to forge a new economy, the brothers saw an opportunity to deliver something truly innovative to the Israeli market.

A decade on, the company has become Israel's largest crypto entity, boasting over 200,000 registered customers. Bits of Gold sets the regulated standard in the cryptocurrency exchange realm and has established itself as a well-known, reliable brand in an industry where trustworthiness isn't always a given. So reliable, in fact, that when the Max credit card company sought to launch a new credit card allowing users to earn points convertible automatically into Bitcoin, it partnered with Bits of Gold for the initiative.

Compliance with strict regulatory rules

Yonatan Roash serves as the chairman of the board of directors, while Yuval Roash is the CEO. Working closely with them are Eldad Rodrigue, VP of Product; CPA Omri Donio, VP of Finance; and Attorney Yael Naaman Ben Ari, the compliance officer. Yuval Roash notes that Bits of Gold offers private, business, and financial clients a convenient, straightforward, and accessible pathway into the world of crypto, facilitating the purchase, storage, and sale of various currencies. "Our aim is to make everything crypto has to offer accessible to a broad spectrum of clients," he underscores.

"We wanted to mainstream Bitcoin because we recognized its financial value. We understood that for it to become integrated into and accepted by the financial system, it had to engage with established institutions and comply with existing regulatory frameworks. Therefore, the first step we took was to adhere to stringent regulatory standards. We approached the Anti-Money Laundering Authority to register as a currency service provider (NSA). Our application was approved, and we became the first in Israel to receive an NSA certificate.

This certification allows for ongoing communication with the authority, enabling us to report transactions and gain legitimacy. For a decade, we've been at the forefront of advocating for the regulation and orderly conduct of the industry."

"Over the years, we've engaged with all the regulatory bodies and have responded to nearly every circular, draft, or directive any authority has issued to advance the industry in a way that aligns with our vision. We were pioneers in 2013, being the first to secure an NSMA certificate, the earliest to implement the new anti-money laundering directive in August 2021, and the first active entity to be granted an expanded financial services provider license by the Capital Market Authority in September 2022. In 2018, we brought on board attorney Yael Naaman Ben Ari as our compliance officer, following her similar roles at Bank Leumi and Bank of Jerusalem. Her addition has significantly bolstered our capacity in the area of anti-money laundering, elevating our standards to those of banks—a fact even the banks themselves acknowledge."

Bits of Gold has several services today. How would you define yourself first and foremost?

"We are a FinTech company that has developed, and continues to develop, brokerage services in digital currencies for consumers and financial entities of all sizes. Our flagship offering is an online exchange that facilitates the buying, holding, and selling of Bitcoin, Ethereum, and other digital currencies in a comprehensive, secure, and regulated manner. When a customer decides to purchase a coin, they can do so through our platform, enjoying a fully online digital experience. Everything is made accessible automatically, eliminating the need for a service representative, although one is available for chat if needed.

After completing digital and automatic registration, the customer can, for instance, make a swift purchase with a credit card. They then have the option to store their coins in a private wallet they set up themselves or in a 'managed cold wallet' that we oversee. The process culminates in the sale of the coin and the deposit of funds into the customer's bank account, with us handling tax withholdings on their behalf. In essence, we provide a comprehensive, seamless, automatic, and accessible journey from sign-up to the return of funds to the customer's bank account."

Dramatically reduce transaction fees

At this juncture, Roach seeks to explain the concept of a "managed cold wallet." "This is a service offering customers, who opt to store their coins with us, enhanced security surpassing that of standard wallets—a level of protection previously accessible only to corporate and institutional entities."

How does it work?

"100% of our customers' coins are stored in 'cold storage,' which is disconnected from the Internet and, as a result, immune to hacking attempts. With our new wallet service, we extend the high level of security typical of a 'cold wallet' to private customers as well, and we do so at no additional cost. This represents great news for both the Israeli and international private markets."

One of the key benefits of the "managed cold wallet" is Bits of Gold's capability to reduce transaction fees for its clients, Roach points out. "We've devised a tiered commission model that allows customers to buy or sell bitcoin or other digital currencies, whether in shekels or dollars, via bank transfer or credit card, with specific commission rates—1.95% or even lower. Furthermore, customers can access commission discounts based on their trading activity over the last three months. These discounts can reduce their commission to less than 1.5%. Additionally, thanks to our 'managed cold wallet' service, clients can also enjoy the advantage of tax withholding on the coins stored with us, which is genuinely innovative news."


Another distinctive offering from Bits of Gold for several years now is the option to purchase crypto via direct debit. Customers can set a fixed monthly buying amount on the company's website, and Bits of Gold handles the acquisition of the coins for them based on this predetermined sum. "This service is highly appreciated by our clients because the purchase occurs on a pre-scheduled date, and customers don't need to take any further actions to buy the coins after giving their initial consent. We've observed a roughly 15% increase in the number of newcomers to this service," Roach adds.

Introducing crypto to a new audience

One of the significant accomplishments of Bits of Gold is its partnership with credit card companies, a relationship that underscores the recognition of its service quality. "Financial institutions recognize our experience, expertise, and professionalism, making us their go-to partner for introducing innovative crypto services to their clients," Roach emphasizes.

And so was it with Max?

"Yes, that was precisely the case with Max. They aimed to innovate in the credit card realm by incorporating crypto, creating a card that rewards customers with Bitcoin CashBack. Max evaluated potential partners, including major international firms, and ultimately selected Bits of Gold. Following an extensive process and obtaining regulatory approval from the Bank of Israel, Max launched the maxBack CRYPTO credit card a year ago, a move that set a new benchmark on the international stage.

The card was a success, and when Max introduced another card—the maxBack Total, which allows CashBack to be converted into various benefits—they decided to include the option to convert points to Bitcoin through us. We're particularly fond of this approach because it introduces crypto to a new audience unfamiliar with the sector.

"Another significant partnership has been with MasterCard," Roach continues. "Alongside major entities like Amazon, Super-Pharm, One-Project, and Ali-Express, we participate in the Mastercard day monthly benefits service, which offers various discounts on the tenth of each month. Currently, one of the perks includes receiving a rebate of several tens of shekels for purchasing Bitcoin through us. This initiative is another effective way to acquaint people with the crypto universe, and we're seeing an increasing number of customers taking advantage of this offer each month."

In collaboration with ICBW3.


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