Geneva based fintech Mt Pelerin has successfully closed its first stage of funding with 5% of its tokenised equity sold to the crowd.
On 16 October 2018, Mt Pelerin Group was incorporating 100% of its share-equity on the blockchain in the form of tokens. This achievement drew the attention of experts as it was the first time the shares of a company were incorporated into a token and made indissociable from it. Token holders could now be recognised as shareholders by Swiss law and not by contractual agreement.
With this new tool, Mt Pelerin has been able to sell without any intermediary the 500,000 shares that were offered directly to the public and successfully closed its first funding round.
Unlike traditional ICOs targeting crypto enthusiasts and investment professionals, Swiss start-up succeeded in getting a large crowd of small investors from Switzerland and around the world.
570 investors coming from about thirty different countries have bought tokenised shares from the company with a median investment of $1,065. Among those small investors, many were investing for the very first time in equity after having read about Mt Pelerin's equity offering. The simple contribution process and the low minimum investment amount ($250) played a key role in encouraging participation.
For Mt Pelerin, this experience - from the possibility to create tokenised shares to the general public's mobilisation - is the empirical demonstration of the interest for an easier access to investment and financial instruments that the blockchain and tokenisation make possible.
Mt Pelerin wants to obtain a banking license in Switzerland by the end of 2019 and begin its operations in early 2020.