Puerto Rico Sees New Crypto Bank Accept First Client Deposit

The new San Juan Mercantile Exchange subsidiary is now live after gaining a banking license in March.

Puerto Rico-based cryptocurrency trading platform San Juan Mercantile Exchange (SJMX) has launched banking operations via a new subsidiary, the company announced in a press release on April 2.

SJMX, which exists as a membership-based exchange for digital asset traders, is seeking to expand the scope of its operations for institutional investors.

The new venture, dubbed San Juan Mercantile Bank & Trust International (SJMBT), received a banking license from Puerto Rican regulators last month.

With the receipt of its first deposit, the bank is now officially open for business, offering institutional clients more of an all-round package of services for their trading needs.

“Commencing SJMBT banking operations is a significant milestone,” SJMBT president and chief operating officer, Nick Varelakis, commented in the press release. He added:

“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.”

The news comes on the back of rapid expansion of institutional services worldwide. As Cointelegraph reported earlier Tuesday, Hong Kong-based BC Group has also launched Asia’s first insured crypto custody solution.

Market sentiment over institutional investor entry remains mixed as United States regulators continue to mull long-delayed offerings, such as trading platform Bakkt. Originally slated for November, the project has seen multiple setbacks, while authorities say they are addressing the application, and others like it, as a matter of urgency.

COMMENTS

By Readers$type=blogging$cate=2$count=6

Name

Analysis,498,News,2832,Press Releases,338,Sponsored,137,
ltr
item
CryptoNomus: Puerto Rico Sees New Crypto Bank Accept First Client Deposit
Puerto Rico Sees New Crypto Bank Accept First Client Deposit
https://images.cointelegraph.com/images/528_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy80NTBkMjI3ODRkYWE1ZTRkZDU5Y2ZhMGYyZDU3ZGFlOS5qcGc=.jpg
CryptoNomus
https://www.cryptonom.us/2019/04/puerto-rico-sees-new-crypto-bank-accept.html
https://www.cryptonom.us/
https://www.cryptonom.us/
https://www.cryptonom.us/2019/04/puerto-rico-sees-new-crypto-bank-accept.html
true
4884201149675661183
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share. STEP 2: Click the link you shared to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy