Let’s be honest, no one really likes their bank. Financial institutions are getting a bad rap in the digital age, and for good reason. Outdated fee structures, limited access to funds, and a host of red tape make for a terrible customer experience.
This is why Mt Pelerin is working to develop a new financial institution, built on blockchain technology, for fairer, better banking.
Open Source Bank
Unlike traditional banks, which keep only a fraction of cash reserves on hand at any given time (a practice which directly contributed to the 2008 financial crisis), Mt Pelerin is set to keep 100% of current account deposits on hand, providing customers with instant liquidity at any time.
Built on top of a secure layer of smart contracts, Mt Pelerin will provide access to legacy systems such as SEPA, ACH, and SWIFT, while also providing customers usage of a secure debit card. Debit cards will be multi-currency and connected directly with the company’s currency exchange marketplace. In a world moving more toward borderless payments, the Mt Pelerin multi-currency debit card could set the banking standard for the future with a level of flexibility beyond the likes of Revolut and N26.
Tokenization
Up until now, many blockchain-based businesses have offered financial services. However, there has yet to be a financial provider to tokenize every aspect of banking on one platform. Mt Pelerin will be the first company to tokenize its entire balance sheet, allowing for the easy transfer of cryptocurrencies and real-world assets. This process will turn every asset into an easily tradable, highly liquid vehicle which will then support the bridge between cryptocurrencies and all other asset classes.
This tokenization includes:
- Fiat currency
- Bonds
- Securities
- Other assets
There are plans for a variety of markets to support such liquid trading for users. Trading markets for futures and derivatives, currencies, loans, and savings, will provide customers the infrastructure to participate in trading markets quickly and easily.
The World’s First STO
As the company is fully committed to blockchain and its principals, Mt Pelerin has decided to issue shares of its stock digitally on the blockchain. In its security token offering (STO), one share of Mt Pelerin stock is equivalent to one MPS token. Initially, 5% of MPS tokens (and therefore 5% of equity) were sold in an offering to the public, with these being the only planned equity sale for circulating shares of the company.
This STO model is a revolutionary new model for all businesses that are looking to move to their operations to secure and immutable blockchain networks.
It isn’t just that Mt Pelerin has designed a revolutionary STO, it has done so using a new protocol which it hopes will become the de facto standard for the compliance issuance and management of security tokens. The Mt Pelerin Bridge Protocol is built to issue any type of token in a fully compliant manner, whether it be asset-backed, fiat, or security. Mt Pelerin is working with the Capital Markets and Technology Association (CMTA) in Switzerland to ensure the protocols adhere to local authorities, before addressing other key jurisdictions such as the EU or the USA.
At the same time, the Bridge Protocol allows for the issuance of dividends, voting rights for shareholders, control and fine-tuning of KYC/AML restrictions, and seizing of assets upon court ruling. In short, this open source protocol will allow any developer to issue a token on-chain, allowing them the security and flexibility of digital assets, all while complying with local regulations. Mt Pelerin is already actively helping other companies to use these new tools for fund raising and asset tokenization in Switzerland and abroad.
The Bank of the Future
Cryptocurrencies have already changed the way we think about making payments. Now it’s time they change the way we think about all aspects of banking. Mt Pelerin is excited about the prospects of digitizing the banking system, and creating the infrastructure to allow a streamlined issuance of tokens backed by any asset, security, or fiat currency, while also adhering to the strictest regulatory requirements set by local authorities.
While this may seem like the bank of the distant future, Mt Pelerin is close to being the digital bank of today.
