San Juan Mercantile Bank & Trust International Commences Banking Operations in Support of Digital Asset Trading
First Deposits Received
Apr 01, 2019, 13:30 ET
SAN JUAN, Puerto Rico, April 1, 2019 /PRNewswire/ -- The San Juan Mercantile Bank & Trust International (SJMBT) announced today that it has received its first client deposit and commenced operations, following the bank's receipt last month of its license to operate from Puerto Rico's Office of the Commission of Financial Institutions (OCIF). SJMBT offers fiat and digital asset custody and settlement services, and it is expected to be integrated with the trading platforms offered by its affiliate, the San Juan Mercantile Exchange (SJMX). Together, SJMX and SJMBT will provide an integrated end-to-end solution for institutional customers seeking a familiar, efficient and secure way to trade digital currencies.
SJMBT's launch makes it one of the first institutions of its kind to give customers the ability to hold and manage both fiat currency and digital assets on a single integrated platform. Deposits of fiat currency are held by SJMBT on behalf of its clients with its regulated correspondent banks, and digital assets are held by approved digital asset custodians. Partnering with multiple custodians is intended to reduce costs and improve security. Based on the integration between SJMBT and the trading platforms of SJMX, customer balances on deposit with SJMBT will inform real-time trading limits at SJMX, enabling SJMBT to settle all trades routed through SJMBT on a real-time basis.
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."
With the new customers onboarded at SJMBT, SJMX is able to launch exchange operations, via the SJMX Dark Pool platform and through SJMX Blocks, its over-the-counter (OTC) trading venue. SJMX plans to also launch a central limit order book (CLOB) trading platform, leveraging the global distribution capabilities of CQG.
About SJMX and SJMBT
San Juan Mercantile Exchange, Inc. (SJMX) and its banking affiliate, the San Juan Mercantile Bank & Trust International Corp. (SJMBT), are developing a professional-grade trading environment and integrated banking platform for trading digital assets. SJMX and SJMBT, subsidiaries of Mercantile Global Holdings, Inc. (MGH), will provide an end-to-end solution, from matching trades to clearing and custody of both digital assets and fiat currencies. By bringing together an experienced team of top-tier exchange professionals, bankers, technologists, and legal and compliance personnel, SJMX and SJMBT are bringing to the digital asset space what professional traders have come to expect from regulated exchanges and banks. For more information, visit: https://sjmx.global/ or contact the company at [email protected].
Forward-Looking Statements
This press release contains statements which may constitute forward-looking statements. Words such as "may," "will," "potential" "should," "expect," "anticipate," "target," "project," "estimate," "intend," "continue," or "believe," or the negatives thereof or similar expressions or terminology are intended to identify forward-looking statements. Forward looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. All statements in this press release speak only as of the date of this release. This press release shall not constitute an offer to sell or a solicitation of an offer to buy any security of MGH or any of its affiliates or subsidiaries. Any such offer would be made by customary offering documentation, agreed to and signed by the relevant counterparties, and in compliance with U.S. federal securities laws and other applicable laws.
SOURCE San Juan Mercantile Bank & Trust International