Mercantile Bank International

Mercantile Bank International (MBI), operating under its parent company Mercantile Global Holdings (MGH), is a licensed financial institution based in San Juan, Puerto Rico, specializing in digital asset custody and payment services. Organized in 2018 and receiving its charter in 2019, MBI was among the first banks in the U.S. authorized to custody digital assets. The bank's vision was crafted by CEO J. Robert "Bo" Collins, Jr., whose extensive background includes serving as the president of the New York Mercantile Exchange (NYMEX) from 2001 to 2004. His experience in commodities and financial technology shaped MBI's initial focus on serving as a clearing bank for a digital assets commodities exchange.

The company's strategy evolved due to market volatility and slower-than-anticipated institutional adoption of digital asset trading. Under Collins's leadership, MBI pivoted to a broader business model, recruiting experienced banking executives to expand its offerings. While maintaining its core competency in custody and settlement for digital assets, MBI now integrates traditional banking products, including investment services, global payments, and wealth management. This strategic shift targets entrepreneurs and startup companies, particularly those in clean technology, digital assets, and other technologically disruptive fields. The bank operates as an International Financial Entity (IFE) under Puerto Rican law, allowing it to serve non-resident clients globally.

MBI's business model is centered on providing a comprehensive platform for both digital and fiat currencies. Clients can utilize services such as custody for digital assets, money transfers in 135 currencies, currency conversion, and investment products. The bank leverages proprietary and outsourced technology to deliver modernized banking services with a focus on competitive fees. In December 2020, MBI announced a reverse merger agreement with Crucial Innovations Corp. to become a publicly traded company, aiming to enhance its growth and expand its client base and product offerings. More recently, Beneficient entered into an agreement to acquire MBI, a transaction expected to close in the second calendar quarter of 2025, subject to regulatory approval. This acquisition is anticipated to expand Beneficient's alternative asset custody services and open new international opportunities.

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