Puerto Rico Launches Integrated Trading and Banking Platform for Crypto Traders


Puerto Rico-based crypto trading platform San Juan Mercantile Exchange (SJMX) has officially commenced operations and facilitated its first client deposit through its banking subsidiary, the San Juan Mercantile Bank & Trust International (SJMBT).

As detailed in a press release published April 1, after securing a license to operate in March from the Office of the Commission of Financial Institutions (OCIF), SJMBT’s fiat and crypto custody and settlement services is now set to be integrated with SJMX, allowing Mercantile Global Holdings’ (MGH) affiliates to provide an integrated trading and banking solution for institutional clients seeking for an equally efficient and secure platform for trading digital assets.

As one of the first institutions of its kind to offer a unified platform storing and managing both fiat and cryptocurrencies, SJMBT facilitates fiat deposits through its regulated correspondent banks, while holding digital assets on behalf of its clients through its partnership with multiple digital asset custodians.

Through SJMBT’s integration with SJMX, all deposit balances with SJMBT will report real-time trading limits at SJMX, allowing SJMBT to facilitate real-time trade settlements.

As SJMBT President & COO Nick Varelakis stated in the release:

“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.”

SJMX’s operation was launched through the SJMX Dark Pool platform and the exchange’s over-the-counter (OTC) trading venue, SJMX Blocks. In addition to launching the exchange, SJMX has also disclosed plans of introducing a central limit order book (CLOB) trading platform through a partnership with US-based software company CQG.