Puerto Rico sees new cryptobank Accept first customer deposit

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

SJMX, which exists as a membership-based exchange for digital asset companies, is trying to expand the scope of its activities for institutional investors.

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

With the receipt of the first deposit, the bank has now been officially opened for companies, which means that institutional customers can offer more all-round services for their trading needs.

"Starting SJMBT banking activities is an important milestone," said SJMBT president and chief operating officer Nick Varelakis in the press release. He added:

"Institutional operators in the digital asset room now have access to a licensed, fully regulated and operational bank partner that provides a secure environment for matching and settling digital asset transactions."

The news comes from the rapid expansion of institutional services worldwide. As Cointelegraph reported earlier Tuesday, the BC Group from Hong Kong has also launched the first insured crypto custody solution in Asia.

Market sentiment regarding the entry of institutional investors remains mixed as the US regulators continue to consider long-term offers, such as the Bakkt trading platform. Originally planned for November, the project has experienced multiple setbacks, while authorities say they are addressing the application, and others like it, as a matter of urgency.

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