NYMEX’s Ex-President Looks to Go Big with Mercantile Global Holdings’ Crypto Bank Play
James Bo Collins is a successful man. He became the president of NYMEX when he was only 35 years old and has been taking on several challenges since then. Now, he is investing in a new enterprise: to create his own crypto bank.
The Block Crypto has recently reported on this man’s story. After a busy life in New York, Bo Collins has decided for a change of scenery and moved to San Juan. There, he wants to create his own crypto bank, but he’s lobbying first in order to upgrade the regulation before he actually sets up shop in the country.
According to Collins’ interview with the Block, he was an early crypto investor. As early as 2011 he had already invested some money in the industry. He also made a huge investment in January 2017, which was a great time do it, since the prices skyrocketed until December.
Now, using his own money and some from some early crypto followers which are a part of the company, Collins decided to open his own crypto bank. He quit the private equity market and started to work with digital assets.
To him, it is important to start this business with only his money. This means that he will not have to answer to outside investors, which can give him a greater autonomy in how to deal with this new enterprise.
The San Juan Mercantile Exchange
This is how the Mercantile Global Holdings, which has the San Juan Mercantile Exchange (SJMX) as its main project, came to be. The SJMX, which is set to be launched in June 2019, will help the investors to get access to custody and trading crypto services.
Collins was quick in affirming that he was “building the bank properly”. The decision to go to Puerto Rico instead of the United States was mostly because they can have fewer regulations this way, but he said that he only wants clients who follow the rules. By not accepting tax evaders and other shady figures, he believes that he can upgrade the respectability of the bank.
According to the entrepreneur, creating this bank is all about the creation of something that can be cohesive and good for trading. They want to create something for traders who feel trapped as they are on a single exchange. If you have a Coinbase account, you can’t trade with Kraken without doing it there. This has to be fixed, in his view.
Basically, the idea is to serve as a connection between many exchanges, to give the clients access to a huge liquidity pool that can be important for the market and for them.
To do it, the company intends to address all the weaknesses and inefficiencies of these platforms and to create something that can fix them all. Traders would be connected with all the major crypto markets on the same screen. The name of this will be the Dark Pool.
Collins is pretty confident right now. He believes that the bank will receive over $1.5 billion USD in investments this year and that the company will cater to an important part of the market.