New Puerto Rico bank targets crypto traders, offers fiat and digital asset custody

posted 22 days ago
A Puerto Rico-based bank offering both fiat and digital asset custody opened Monday. The “San Juan Mercantile Bank & Trust International” had received its licence to operate last month. The bank plans to integrate with its yet-to-launch sister exchange, where it will oversee trading and provide settlement services.

SJMBT will then update customers' balances in real time, providing both custody and trading on one platform. The bank, a subsidary of Mercantile Global, noted that it will not store customers' funds directly, instead using insured correspondent banks and “approved digital asset custodians"
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