A Puerto Rico financial services institution, San Juan Mercantile Bank & Trust International (SJMBT), has officially opened for business, providing support for cryptocurrency traders in the country.

SJMBT, which received license last month as an international financial entity (IFE) by Puerto Rico’s Office of the Commission of Financial Institutions (OCIF), is a unit of Mercantile Global Holdings (MGH). The firm has announced its first milestone as it welcoming the first client deposit on Monday.

The bank will offer settlement services and custody for both fiat and cryptocurrency traded on the exchange. “As more liquidity venues onboard with SJMX to trade digital assets, SJMBT will provide critical services, such as real-time settlement and account re-balancing, in support of our customers’ trading activities,” said President and COO of SJMB&T Nick Varelakis.

According to the firm’s announcement, the digital assets of clients will be held at “approved digital asset custodians”. The exchange is keeping custody and trading under the same roof, as MGH claimed, will bring certain benefits. For instance, the exchange will take into account customer balances on deposit at the bank when setting trading limits, enabling the bank to settle trades in real time.