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Digital Digest: The Latest Tech News - San Juan Mercantile Exchange
Editorial Staff
13 March 2019
San Juan Mercantile Exchange, San Juan Mercantile Bank & Trust International Corp SJMX has created a professional-grade trading environment that provides customers with access to a variety of digital asset liquidity venues. SJMBT will be integrated with all SJMX trading platforms.
The San Juan Mercantile Exchange and the San Juan Mercantile Bank & Trust International Corp, which operate in the digital currency – aka crypto-currency - space have won a licence to operate in Puerto Rico. The licence was given by the Puerto Rico Office of the Commission of Financial Institutions .
"This approval is a key milestone for us, establishing an end-to-end solution for institutional customers who seek a familiar, efficient and secure way to trade digital currencies," Bo Collins, chief executive of Mercantile Global Holdings, parent of SJMX and SJMBT, said.
The licensing of such organizations highlights how platforms to trade and hold crypto-currencies such as Bitcoin continue, in spite of or even because of the high volatility of some of these new currency forms.
Customer balances on deposit with SJMBT will in turn inform real-time trading limits at SJMX, and SJMBT will settle all trades routed through SJMBT on a real-time basis.
Customer fiat currency and digital assets will be held by regulated correspondent banking partners and approved digital asset custodians. Diversification of assets across multiple custody partners greatly reduces the need for physical movement of digital assets, improves security, reduces cost and results in faster processing.