The fintech startup from Geneva has run its first annual shareholders meeting on the blockchain with its shareholders scattered around the world, through its new mobile app Bridge Wallet. A new step toward its ambition to facilitate the access to unlisted securities, with digital solutions ready to answer the corporate management challenges highlighted by confinement policies.
Democratizing unlisted securities
In October 2018, Mt Pelerin Group SA was the first company in the world to incorporate its shares on the blockchain through the MPS, a freely transferable ERC20 token providing direct ownership of shares within the meaning of Swiss law. With that innovation, Mt Pelerin paved the way to asset tokenization with a simple and easily replicable model.
On Friday June 26th 2020, Mt Pelerin was holding its first shareholders meeting for its 2019 fiscal year. Its more than 630 shareholders scattered around the world were able to participate in the meeting, with their MPS tokens giving them access to the event and guaranteeing the correct number of votes on the blockchain. They were able to follow the presentation of the board of directors given in video streaming, and voted the items of the meeting’s agenda in a fully secure way. The whole event took place on their smartphone through Bridge Wallet, the digital wallet app recently released by Mt Pelerin.
The mobile app was specifically designed by Mt Pelerin to provide a simple way for anyone to interact with digital securities issued on Bridge, its open source platform to issue and manage tokenized assets. Today, Bridge Wallet lets users buy, sell and manage security tokens, as well as acquire cryptocurrencies through bank transfer at a competitive rate.
With Bridge Wallet and the real-life demonstration that was its first shareholders meeting, Mt Pelerin complements its offering of tools to manage securities on the blockchain. With them, any company can create compliant tokenized shares or bonds and distribute them easily at a minimal cost. They manage the corporate actions of these assets (compliance, transfers, shareholders meetings, dividend payouts, etc.) through the management dashboard provided by Mt Pelerin, and investors can manage their investments
through Bridge Wallet.
With these tools, Mt Pelerin brings a comprehensive alternative for the issuance, distribution, and management of securities at radically lower costs. If stock exchanges are the market for large corporations, the blockchain might very well become the market for all other companies.
Mt Pelerin’s development continues
During its shareholders meeting, Mt Pelerin also unveiled its plans for 2020 and beyond. The key point was its ambition to obtain the new Fintech licence from FINMA, the Swiss financial authority, as an intermediary step toward a future full banking licence.
The Fintech licence allows taking deposits from the public up to CHF 100 million, but forbids credit operations. This limitation, which could be a barrier for others, perfectly falls within Mt Pelerin’s business model for a full reserve financial institution, where deposits would always remain in liquid reserve.
With lighter requirements compared to a full banking licence, a Fintech licence could enable Mt Pelerin to start offering its revolutionary banking ecosystem to the public much faster.
More information on the current and future services of Mt Pelerin on its website.