Switzerland, July 19, 2021 /AlexaBlockchain/ – Swiss FinTech Mt Pelerin has enabled support for XTZ tokens on its zero fees crypto-fiat exchange Bridge Wallet. Additionally, Mt. Pelerin is also working to integrate Tezos blockchain to its STO platform.
The company said: “Mt Pelerin is dedicated to building bridges between the crypto economy with traditional finance and is excited to bring their non-custodial mobile app Bridge Wallet to the Tezos ecosystem.”
What is Bridge Wallet?
Bridge Wallet is a non-custodial app which allows direct fiat to crypto investments and easy crypto withdrawals. Users can buy and sell at the market rates with no cost for up to $500 per year, adding MPS tokens increases that limit to $50,000. With over 13,000 users, Bridge Wallet is gaining traction for its free crypto-fiat transactions.
Bridge Wallet Supports XTZ
Bridge Wallet users can now buy XTZ via direct bank transfer in CHF, EUR, GBP or USD at the market rate with no added cost up to US$500 (or up to US$50,000 – users with MPS tokens, the tokenized shares of Mt Pelerin). Additionally, user will be able to withdraw their funds in 28 fiat currencies on their bank account globally, again with a limit of US$500/ 50,000. Instant card purchases and withdrawals will also be available soon for XTZ.
Bridge Wallet At A Glance
- Bridge Wallet is Available in 171 countries (excluding the US and residents of Belarus, Burundi, Central African Republic, Democratic Republic of the Congo, Guinea, Guinea-Bissau, Iran, Iraq, Lebanon, Libya, Mainland China (Hong Kong and Taiwan accepted), Mali, Myanmar, Nicaragua, North Korea, Somalia, Sudan, South Sudan, Syria, Ukraine, Venezuela, Yemen, and Zimbabwe.
- Purchase currencies currently supported: CHF, EUR, GBP, USD
- Cash out currencies: CHF, EUR, GBP, USD, AED, ARS, AUD, CAD, CNH, CZK, DKK, HKD, HUF, ILS, JPY, KRW, MXN, NOK, NZD, PLN, RON, RUB, SAR, SEK, SGD, THB, TRY, ZAR
- Available on iOS and Android in multiple languages
- Tezos mainnet and testnet supported
Mt Pelerin To Launch STOs on Tezos
Mt. Pelerin announced that it has “won a grant from the Tezos Foundation” and moving forward to adapt Tezos blockchain with Bridge Protocol, its asset tokenization platform, “to support the issuance and management of compliant tokenized securities such as shares, bonds or funds with the Tezos token standards”.
Bridge Protocol
Mt Pelerin’s Bridge Protocol is a non-custodial, free and open source platform to manage the issuance, distribution, transfers, compliance and corporate actions of digital securities on public blockchains.
Bridge Protocol offers an interface to manage on-chain assets that must comply with off-chain compliance rules. Bridge Protocol is blockchain agnostic. It can be deployed on top of any EVM (Ethereum Virtual Machine) compatible blockchain. It is currently deployed and live on the Ethereum, Binance Smart Chain (BSC), Polygon (ex Matic) and xDai networks. In total, there are 122 live assets currently using Bridge Protocol.
Post Tezos integration with the platform, it will be possible to launch STO’s on Tezos through Bridge protocol. Tezos will be the first non-EVM (Ethereum Virtual Machine) based platform that is supported on Bridge Protocol.
Yann Gerardi Marketing Manager at Mt Pelerin, said:
“Beyond our technology, we provide an all-in-one service to accompany other businesses in their tokenization project. We help them create the appropriate legal structure and documents, we help them setup STOs with again the required legal documents as well as the investor compliance KYC/AML and fund collection infrastructure.”
MPS token
The MPS token is the tokenized shares of Mt Pelerin Group SA in the form of ERC20 token (an Ethereum token) that is trading on Uniswap. Mt Pelerin is contemplating a partly migration of the MPS token to Tezos. First, they are working on integration of cross-chain support for EVM chains.
Yann Gerardi Marketing Manager at Mt Pelerin, said:
“We are working to make it live simultaneously on all supported EVMs, with a cross-chain bridge that we have developed. Bringing the MPS on Tezos would take extra time, as a different cross-chain bridge would need to be developed and I don’t have any information to share about that at this stage.”
What is Tezos?
Launched in 2018, Tezos is an open-source, highly energy efficient blockchain platform. It is one of the first and longest running Proof of Stake blockchain network. The platform can execute P2P transactions and serve as a platform for deploying smart contracts. The native cryptocurrency for the Tezos blockchain is the tez which has the symbol XTZ
Growing demand for energy efficient blockchain platform can be seen as the growth of Tezos. Network activity on Tezos has grown 1,200 percent this year due to its energy efficiency, scalability and ease of use. Game developers, music labels, sporting franchises, central banks, and more are all building on Tezos. Tezos also has a growing DeFi ecosystem with ERC-20 bridges for low-gas cross-chain utility, yield farming protocols, and surging AMM platforms.
Unlike other blockchain platforms, Tezos is built to evolve fast with industry advancements. Its modular architecture and formal upgrade mechanism minimizes disruptions while offering regular upgradability and enhanced functionality over time. Tezos has undergone six network upgrades to reduce gas fees, improve token standards, increase transaction speed, and more. Upgrades on Tezos are made possible by on-chain governance where continuous improvements are proposed, adopted, and deployed without forks.
As a result, the number of new projects deployed on Tezos has witnessed massive growth since January 2021. In fact, Tezos is now amongst one of the fastest growing platform with each new month witnessing widespread usage of the blockchain.
According to data on Better Call Dev (BCD), the number of smart contract calls made on the Tezos blockchain for June 2021 reached 2,168,330 from a meagre 141,817 in December 2020. This represents a massive growth of 1429% in the first six months of 2021.