New Bank of Puerto Rico launches crypto-stock exchange platform

After issuing its IFE license by the Office of the Financial Institutions Commission (OCIF), the bank San Mercantile Exchange (SJMX) affiliate in San Juan Mercantile & Trust International (SJMBT) launches its crypto-trading services with support crypto / fiat.

The first trading platform supported by the bank

Committed to the democratization of cryptocurrency, SJMX announced its launch after obtaining the SJMBT license.

Based on a banking service that supports both digital and fiduciary currencies, it is the first financial structure that introduces digital asset trading in Puerto Rico.

According to the company's explanations, the bank will offer custody and settlement services for both currencies by integrating the SJMX or Juan Mercantile Exchange for trading operations.

Its president, Nick Varelakis declares:

"Institutional players in the digital asset market now have access to a fully regulated and operational licensed banking partner that provides a secure environment for the matching and settlement of digital asset transactions. "

A guard and trading service

Offering a custody and trading service in the same platform is a rather odd process but attempted by both banks.

SJMX will oversee the operations for the settlement services, relayed by its subsidiary SJMBT for the update of the balances.

As Nick Varelakis explains:

"As SJMX gains more cash to trade digital assets, SJMBT will provide key services such as real-time settlement and account rebalancing to support our clients' trading activities," he said. a unique platform.

What do you think of this bank-backed trading platform launched in Puerto Rico? Comment in the comments section.