Introducing San Juan Mercantile Bank & Trust International: Puerto Rican bank catered towards crypto investors

San Juan Mercantile Bank & Trust International was licensed last month as an international financial entity.
SJIMBT is under Mercantile Global Holdings who also owns San Juan Mercantile Exchange.

Rajarshi Mitra Independent Analyst

San Juan Mercantile Bank & Trust International (SJMBT), a Puerto Rico-based bank aimed towards crypto traders has launched this Monday. It was licensed last month as an international financial entity by Puerto Rico’s Office of the Commission of Financial Institutions. SJIMBT is under Mercantile Global Holdings who also owns the soon-to-be-launched digital asset platform, San Juan Mercantile Exchange.

Nick Varelakis, President and COO of SJMBT, said:

"Commencing SJMBT banking operations is a significant milestone. Institutional market participants in the digital asset space now have access to a licensed, fully regulated and operational banking partner that provides a secure environment for the matching and settlement of digital asset trades. As more liquidity venues onboard with SJMX to trade digital assets, SJMBT will provide critical services, such as real-time settlement and account re-balancing, in support of our customers' trading activities."

Author

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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