new bank for cryptocurrency receives first depositA bank by the name of San Juan Mercantile Bank & Trust International has been opened in Puerto-Rico. The bank focuses on serving the crypto community and crypto traders. As soon as it opened clients started appearing and it officially announced its first client’s deposit.
The bank is licensed by the Office of the Commission of Financial Institutions (OCIF). It got its license in March of 2019. The bank is an extension of a crypto exchange of the same name and is owned by the same group of people. The crypto exchange is an electronic trading platform for crypto tradings.
It was reported by the bank that it deals in both cryptocurrencies and fiat currencies and serves both the groups.
The Federal Deposit Insurance Corp (FDIC) of the United States, has not yet provided insurance to the bank. The bank will make sure that the rates of the deposit made by the client match the rates of the bank. MGH holds a special ranking among the investment houses mainly because of its years of experience and skilled professionals. According to the MGH, the bank has a system in place that allows it to complete trades as quickly as possible.
The president of SJMB&T is Nick Varelakis who recently talked on the topic of trading on the platform and its benefits. He said that joining SJMB&T has its own perks. The perks being that SJMB&T will provide important services like real-time settlement and account re-balancing. These perks are given to the customer as a sign of support from the bank.
