A bank dedicated to traders of cryptocurrency is now open for business in Puerto-Rico. The bank which goes by the name San Juan Mercantile Bank & Trust International (SJMBT), recently announced that it has received its first client’s deposit.
SJMBT is a Licensed Bank
SJMBT which received its license to operate as an international financial entity(IFE) by Puerto Rico’s Office of the Commission of Financial Institutions (OCIF), just last month, is a unit of Mercantile Global Holdings (MGH). The bank is owned by the same entity which owns the San Juan Mercantile Exchange (SJMX), an “institutional-grade electronic trading platform for digital assets.” which is about to go live.
SJMBT will reportedly provide custody and settlement services for both crypto and fiats traded on the exchange.
Although currently not insured by the U.S. Federal Deposit Insurance Corp. (FDIC), the bank will ensure that its client’s deposit is at their corresponding bank rates. Also, clients crypto savings will be held at “approved digital asset…