On June 26th, Mt Pelerin, the Swiss Fintech expert in asset tokenization and digital compliance building, held its first general assembly in Geneva. Together with its shareholders and via its new Bridge Wallet mobile wallet, Mt Pelerin discussed its ongoing mission to provide digital solutions to democratize access to financial securities of unlisted companies. This may come as no surprise given the origin of the company’s name, which derive from the Mont Pèlerin Society. This was a group of brilliant economists and intellectuals advocating for an open society and economy driven by free market principles, personal and political liberty as well as freedom of expression.
More than 630 shareholders were able to participate the first general meeting of shareholders for Mt Pelerin’s 2019 financial year. Presentations from the board of directors were viewed via video streaming and votes were cast in a secure manner on various subjects submitted for approval. For example, “the amount of MPS tokens held by shareholders (in Bridge Wallet or elsewhere) determined the number of votes that they had (1 MPS token = 1 vote), and the yes/no votes made in Bridge Wallet were carried through blockchain transactions with the MPS token’s voting smart contract”. According to a recap of the meeting posted on the company’s website, presentations also included topics on: The MPS token, equity tokenization service, Quantum Vault developments, the company’s licensing and funding strategy, security token offering services and others.
Logistically, everything was run through the Fintech company’s Bridge Wallet mobile wallet – which was publically announced on its Twitter today. Moreover, the APP was specifically designed by Mt Pelerin to offer a simple and accessible way for all those implcated to interact with the company’s ongoings. Bridge Wallet not only makes it easy to acquire cryptocurrencies by bank transfer, but it can be used to buy, sell and manage assets such as investment tokens.
This real-life demonstration to shareholders reinforced Mt Pelerin’s committment to managing blockchain securities. Thanks to Bridge Wallet, “any company can now issue shares and bonds that comply with the law and distribute them globally, instantly and at low cost” the Fintech company stated in a recent press release. The management of these securities (compliance, transfers, digital meetings and payment of dividends, etc.) is then carried out through the cockpit provided by Mt Pelerin for the issuer, and through Bridge Wallet for the investors. Hence, this provides a real and feasible alternative to the stock market for issuing, distributing and managing securities at considerably lower costs.
In the meeting, Mt Pelerin also unveiled their plans for 2020 and beyond. The most important seemed to be obtaining the new Fintech license from FINMA, the Swiss banking regulatory authority, which serves as a stepping stone with a view to obtaining later a full banking license later on. Such a license would enable Mt Pelerin to accept deposits from the public up to a maximum amount of 100 million Swiss francs (approximately $105 million USD or £85 million GBP) . With much lighter requirements than a full banking license, a Fintech license will allow Mt Pelerin to offer its revolutionary banking ecosystem much more quickly to the general public and to continue its promising trajectory.