The idea is simple: to allow its clients to become autonomous in the sometimes obscure field of finance. This is what the Mt Pelerin company, based in Neuchâtel and specializing in services for the purchase and sale of digital assets, promises. It was created in 2018 by Arnaud Salomon, a former trader converted to cryptocurrencies.
Unlike other more traditional financial intermediaries, Mt Pelerin does not hold the digital assets of its customers. The company has developed its own wallet, the Bridge Wallet, which falls into the category of “unhosted wallet”. This means that users are in control of their cryptoassets, with the company having no power over them. Including in case of loss. A “great responsibility”as the smartphone app mentions.
More autonomy and responsibility
Arnaud Salomon explains: “We want to give more autonomy to our customers, this is the philosophy of cryptocurrencies and blockchain. We provide services that may eventually enable our customers to exit the traditional banking system if they so desire.”
The Bridge Wallet embeds various services provided by Mt Pelerin, such as the possibility of making recurring purchases of cryptocurrencies with the same amount (dollar cost averaging, DCA). For Arnaud Salomon, the objective of this product is to allow customers to manage their digital assets as simply as with a traditional bank account, while being “their own banker”.
Mt Pelerin is the first Swiss company to incorporate all of its shares in the form of tokens, the Mt Pelerin Shares (MPS). “Some companies had previously attempted to mimic stock-specific rights through the use of tokenssays Arnaud Salomon. The holders of these tokens could for example benefit from an advisory vote or a participation in the profits, but they were not shareholders legally speaking.
The objective for the company was to give the full quality of shareholder, including social and patrimonial rights, to the holders of MPS. Today, anyone can acquire shares of Mt Pelerin by registering with the company to be entered in the register of shareholders. The company has developed an open source platform to manage the issuance, distribution, transfers and compliance of digital assets. This module, called Bridge Protocol, supports several blockchains and allows any company to issue its own tokens while respecting the applicable legislation.
An interface between two worlds
Mt Pelerin is currently developing its services in the sector of stablecoins – cryptocurrencies whose price is backed by a traditional currency, another cryptocurrency or precious metals. For Arnaud Salomon, stablecoins represent the best way to merge traditional finance with the cryptocurrency ecosystem.
Mt Pelerin thus wants to serve as an interface between these two worlds. But what is the point of holding a cryptocurrency whose value is backed by the franc, the euro or the dollar? “Stablecoins have the advantage of being interoperable with public blockchains and decentralized finance (DeFi)”assures Arnaud Salomon.
Recently, the spotlight has been on these stablecoins, since one of them, the TerraUSD, has lost its peg with the dollar. But it was a particular form of stablecoin, called algorithmic. The two main so-called stablecoins, USDT and USDC, are managed by centralized entities that hold reserves in dollars or equivalent in a bank account for each token issued.
Mt Pelerin has developed its services around several target customers:
The general public, with a service for buying and selling cryptocurrencies.
Large fortunes, for which the company provides tailor-made services. These “new cryptorich” can thus benefit from support to transform their cryptoassets into traditional currencies, for example to deposit their assets with a private bank. Mt Pelerin verifies the origin of the funds and ensures that the assets comply with the laws in force.
Companies, which want to be accompanied in the tokenization of their actions.
Mt Pelerin claims 42,000 applications installed, an average cryptocurrency purchase and sale volume of 10 million francs per month via its Bridge Wallet and 197 digitized assets using its Bridge Protocol platform. The company does not disclose figures related to its wealthy customers.
All in videoconference
It employs around ten people in Neuchâtel, Lausanne, Geneva and neighboring France. During the pandemic, Mt Pelerin left its Geneva offices and rented a workspace in Neuchâtel. “But the Covid has profoundly changed the way we work, says Arnaud Salomon. So much so that we no longer feel the need to have our own premises for the moment.
This decentralized and digitized approach is also reflected in the relationship between the company and its approximately 800 shareholders. No general meeting in a huge room, but online monitoring via the Bridge Wallet application. Holders of at least one MPS token – a Mt Pelerin share – can access a virtual room and watch Arnaud Salomon’s presentation live. Each shareholder can consult the documentation and take part in the votes via their smartphone.
Arnaud Salomon claims that Mt Pelerin will continue to expand its offer. Announcements will take place during the second part of the year. The company also wants to develop a way to manage the transmission of digital assets in the event of death. “Today there is no clear protocol, summarizes Arnaud Salomon. Transmission is a fundamental issue and we are thinking about rules that could facilitate the process.
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Mt Pelerin: with cryptos, everyone can be their own banker – Heidi.news
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