jFIAT direct on and off-ramp, from one’s bank to the Blockchain!
Mt Pelerin and Jarvis partner to distribute Euro, Pound and Swiss Franc stablecoins to further bridge traditional and decentralized finance.
We are excited to announce that Mt Pelerin and Jarvis are joining forces to distribute Euro, Pound and Swiss Franc stablecoins to further bridge traditional and decentralized finance at a 1:1 ratio. Mt Pelerin is now supporting and providing a fiat gateway for Jarvis Network’s synthetic assets, allowing anyone to buy and sell synthetic fiat currencies (aka stablecoins) for their equivalence in the traditional finance world.
Mt Pelerin and Jarvis are joining forces to facilitate access to decentralized finance (DeFi) and cryptocurrencies. This first integration is part of a long-term synergetic process to power real-world use cases and increase user adoption. Mt Pelerin is a regulated Swiss-based financial institution providing a fiat on and off-ramp for leading crypto assets, including tokenized and synthetic US Dollar stablecoins, and can now leverage the robust and liquid synthetic asset issuance and exchange layer built by Jarvis to provide access to synthetic Euro, Swiss Franc, and British Pound stablecoins.
Understanding Jarvis Network
Jarvis Network is a set of protocols bridging traditional finance and DeFi. Synthereum, its first protocol, allows anyone to gain exposure to the price of any supported fiat currency through synthetic assets called “jFiat”. Synthereum is an infrastructure layer, laying down the basis of a fully on-chain Forex market.
These jFiat can be borrowed by depositing collateral in USDC or can be bought from and sold to liquidity providers (LP). These LPs maintain a balance in USDC used to borrow jFiat and sell them or used to buy them back from the users. The transactions happen without slippage at the price given by Chainlink price feeds. LPs are a crucial part of the protocol as they allow anyone to convert jFiat between them or for USDC, making them redeemable at their face value for tokenized US Dollar.
For example, a user can sell $100 worth of jEUR for 100 USDC, minus the trading fees.
The jFiat carry a low risk as they are over-collateralized with USDC, a leading trusted tokenized US Dollar stablecoin. A network of incentivized liquidators ensures that the assets remain over-collateralized.
To make those new stablecoins easily available, Mt Pelerin offers from today to buy and sell them directly with fiat currencies on its mobile app Bridge Wallet. Available in 171 countries, the app lets users purchase jEUR, jGBP, and jCHF by bank transfer (and by card soon) and receive them directly 1-for-1 on an Ethereum address. The company charges a small fee above a certain volume. Users can also withdraw them back in 28 fiat currencies on their bank account at any time.
Mt Pelerin’s fiat gateway
Launched in 2020 with its mobile app Bridge Wallet, the crypto-fiat gateway developed by Mt Pelerin focuses on facilitating direct fiat to crypto investments and easy crypto withdrawals to bank accounts around the world via SEPA, SWIFT, or SIC transfers, a service made possible by the banking partnerships of Mt Pelerin and its financial intermediary status.
With more than 13k users today, the Swiss-made app is gaining traction for offering completely free crypto-fiat transactions, with no commission, inflated spread, or hidden costs whatsoever up to a certain threshold, with a small degressive fee charged beyond. By giving access to what are essentially OTC rates to all its users, Bridge Wallet gives them better rates than they could obtain themselves on centralized exchange platforms.
About Mt Pelerin
Mt Pelerin is a regulated Swiss FinTech company providing products and services bridging the crypto world with traditional finance. It was bootstrapped by its own community through equity crowdfunding that raised more than $2 million in 2018, the first one to offer a tokenized share with full voting and dividend rights to the public. Since then Mt Pelerin has become one of the leading actors in asset tokenization with its Bridge Protocol platform and provides unique cryptocurrency services through its mobile app Bridge Wallet. It is currently working on the creation of a tokenized full-reserve financial institution in Switzerland.
About Jarvis Network
Jarvis Network is a set of protocols and applications on EVM-compatible chains to bridge legacy and decentralized finance (DeFi). Its mission is to build an infrastructure layer that can be leveraged by anyone to develop use cases facilitating the adoption of DeFi, and to build applications to onboard the next billions of users. Its first protocol, Synthereum, pioneers an innovative and capital-efficient manner to issue and exchange synthetic fiat currencies called jFIATs, thanks to a fully on-chain Forex market. jFIATs are stablecoins designed to be usable: they keep their peg, are highly liquid, and are scalable.
