It could be a matter of time before the world’s first fully Blockchain bank becomes a reality. Mt Pelerin, an up-and-coming Swiss outfit, is ambitiously focusing its efforts on being the pioneer Blockchain bank; a milestone in the crypto industry, no doubt.
Mt Pelerin is already positioning itself in the path to success in its quest. It has already ended its initial stage of funding that raised $2 million. It successfully sold off a 5per cent of its tokenized share-equity, an equivalent of 500,000 shares.
For a company which officially tokenized its entire share-equity in 16th October 2018, the first stage of funding happened quickly. Industry pundits still wonder how such an idea, the first of its kind, drew such massive excitement, despite the fact that the shares had been integrated into the token and the two made ‘indissociable.’
The Startup Managed A Feat That Had Never Been Witnessed Before
It’s rather incredible though, how Mt Pelerin managed to rally professional investors and crypto aficionados to quickly snap up shares, what countless ICOs often fail to do. A massive 570 investors from over 30 countries purchased Mt Pelerin’s tokenized shares, their investments averaging on $1065. Together, they managed to amass an impressive $2 million.
However, as the future Blockchain bank noted, it is the cross-generational diversity of its investors as well as the enthusiasm that blew them off. Investors, aged between 20-84 years waged on the company, although it’s incredible that a majority of them were first-time investors. The company had also set the least amount allowable for investment to $250.
Mt Pelerin expects to get the requisite license needed to operate from the Swiss government before 2019 ends. If all goes well, the bank will then start issuing its clients an unprecedented Blockchain-based banking experience, besides flexibility in avenues that they could invest from 2020.
About Mt Pelerin
Mt Pelerin, the startup, isn’t old that much. Founded in 2016 in Geneva, the company has since grown in line with its quest to be the first Blockchain bank. Its founders envisioned an entity that would leverage the power of Blockchain to enhance customer experience.
As the vision edges closer to becoming a reality, there are some distinct features that make it unique. Its founders expect the bank to be almost entirely automatized, a factor that would make it the institution a bit more affordable. At the moment, the company consists of 10 financial and IT professionals who are closely engaged at the heart of it.
Setting The Record Straight
It is important to acknowledge the fact that, even if it aspires to be a bank, Mt Pelerin isn’t one yet. It hasn’t been licensed by the relevant government authorities or started operating as everything is still in the preliminary stages.
Also, the only notable piece of information about Mt Pelerin is the successful sale of the 5% of its tokenized share-equity. Nothing about its legal, tax, fiscal or financial information is available as at now.