Here is an overview of Mt Pelerin’s program for the upcoming months.
Now that the MPS token sale is over and successful and that the holiday season has passed, it is time to provide an update on Mt Pelerin’s roadmap and show what we have been working on in the past weeks and what is going to happen in the coming months.
Main Fund Raising
The objective of Mt Pelerin is to submit its application to obtain a banking license in Switzerland. To get it, a minimum amount of capital that we need to secure for the application has been determined. This minimum is CHF 28 million, including CHF 20 million of capital plus CHF 8 million of provisions to cover operational expenses until profitability.
However, we are only looking for pledges at this stage. This amount doesn’t have to be actually collected for the time being, and it would be only liberated if the application is accepted. In any other case, investors wouldn’t spend a single dollar. What we offer is therefore is a very low-risk investment that is particularly attractive to institutional investors.
As it has been already explained during the token sale, the 28 million capital will be sold against non-freely transferable equity coming from the remaining 95% of the tokenized equity of Mt Pelerin Group SA, and/or from the equity of the bank that will be incorporated under Mt Pelerin Group SA. This round will therefore be a transfer of shares and not a capital increase, meaning that holders of MPS tokens will not be diluted and can only be affected positively in this process.
Wallet and Mobile App
In the roadmap published in v2.0 of the white paper, the ERC20 token wallet that we developed and published in a beta version on Mt Pelerin’s Github in Q2 2018 was initially scheduled to be available on Google Play and on the App Store in Q4 2018. We modified a bit our plans and pushed it back a little, for what is about to come out soon is actually much better!
We have indeed developed a first version of a Mt Pelerin mobile application. You can download it and have a look on Google Play and on the App Store, and although this first version is still “raw” and lacks some polish we will work in the coming months to turn it into much more than a regular wallet. The wallet functionality will be added in the course of Q1 2019.
So, what can this app do?
Today, it is a compliance and onboarding app. This first version is basically able to register and KYC users remotely, as well as add and list security token offerings using Mt Pelerin as a service provider, through the Bridge Protocol and/or the other service described below.
There will be two advantages using this app. Users can register and KYC once, and then participate to multiple STOs without having to re-pass their KYC every time. For companies holding security token sales, they can have access to potentially more contributors as they are regrouped and KYC’d on the same platform, as well as benefit from a unique fiat escrow account with dedicated IBAN numbers for non-crypto contributions. It will also provide a dashboard type of view for users’ contributions and positions.
The app will also be how new holders of MPS tokens will be able to register, KYC, and therefore activate their shareholder voting and dividend rights. The voting and dividend functions will also be integrated into this app.
Overall, we want to make this app the most convenient and feature-rich tool for STO listing, contribution and management.
Services and Monetization
The road to secure the funding required for the banking license application will take some time, but of course we won’t plan to stay idle in the meantime.
Up to this day, we have already created valuable assets: a comprehensive compliant tokenization protocol, advanced token sale smart contracts, a best-in-class digital onboarding solution, a strong experience in KYC and AML compliance, crypto brokerage skills, and more.
Strong of all these assets, we have decided to start monetizing them in the form of business services, which will be built around two segments: services for banks and services for STOs.
Services for Banks
Banks in Geneva have been following our development for a while now, and we have emerged as the most credible and expert actor in the domains of financial tokenization and digital regulatory compliance. As we have been working on several cases already, we are now publicly offering the following services to other financial institutions:
- The first offers Mt Pelerin’s unique tokenization technology and expertise to banks and financial institutions looking to create tokenized products, such as funds or tokenized equity.
- The second is to market Mt Pelerin’s solution to onboard new clients remotely and digitally. Most banks today rely on physical presence and/or postal mail to open new accounts, a process that is long and costly for them. We have been in fact approached by some of our banking partners to adopt this solution in their own structure. We are looking forward to share this interesting integration use case with you!
Security Token Offering Services
Mt Pelerin is able to offer today a comprehensive token sale service offering for any startup wishing to raise funds using equity tokens, other forms of security tokens, or simply to evolve their existing token into a share participation through the migration script that we have developed with the Mt Pelerin Bridge Protocol.
This offering will encompass:
- Token sale smart contracts
- Contributor registration and KYC/AML processing
- Interface including mobile app
- Fiat banking escrow with dedicated IBANs, a unique service in the blockchain space!
- Cryptocurrency brokerage / OTC desk
Naturally, this offering is modular and clients are also able to get parts of it only according to their needs.
More information about these services to be released soon!
Mt Pelerin Bridge Protocol
The first release of the Mt Pelerin Bridge Protocol was already a great leap forward as it gave us one of the most advanced tool for compliant tokenization.
We are already working to extend this protocol and turn it into an even more powerful framework, something that will also keep us busy in the next months. This augmented version will be able to include and manage multiple types of asset classes, a multi-token approach that is a fundamental building block of compliant fiat-backed security tokens and that will be used later on for Mt Pelerin’s banking marketplaces.
Our ambition is to push the Mt Pelerin Bridge Protocol as a standard for the industry — notably through Mt Pelerin’s membership at the Capital Markets and Technology Association, and we reaffirm our commitment to keep developing it in open-source.
From now on, you can find the complete roadmap of Mt Pelerin including past and future milestones on this new roadmap page.