Rajarshi Mitra
Independent Analyst
- 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.
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."
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