Puerto Rico-Based Trading Platform Launched After First Client Deposit
Puerto Rico-based cryptocurrency trading platform San Juan Mercantile Exchange (SJMX) has launched banking operations via a newly formed subsidiary. This news comes via a press release published on PR Newswire earlier today.
The subsidiary, called the San Juan Mercantile Bank & Trust International (SJMBT), received a banking license from Puerto Rico’s Office of the Commission of Financial Institutions (OCIF) last month. Today, it received its very first client deposit and began operations.
SJMBT offers fiat and digital asset custody, as well as settlement services, and expects to integrate with the trading platforms of its parent company, SJMX. Working together, SJMX and SJMBT will be able to provide end-to-end solutions for institutional customers to trade and store digital assets quickly and securely.
In the release, President and COO of SJMBT Nick Varelakis spoke about the importance of the launch of SJMBT:
“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.”
With this move, SJMBT joins the flock of companies vying for the business of what many believe will be a wave of institutional investors flowing into the crypto space in the next year or so. Indeed, earlier today, Hong Kong-based BC Group launched Asia’s first fully insured crypto custody service.
However, not all plays for incoming institutional money has rolled out so smoothly. As Cryptos reported last month, the much-hyped, well-funded trading platform Bakkt has delayed its launch multiple times, and may face an uphill battle turning a profit once they finally do hit the market.