Mt Pelerin wants to launch an IBAN combined with a crypto wallet

Wednesday, July 19, 2023

Swiss start-up 🇨🇭 will be launching a product this summer that is probably unique in the world: a bank IBAN connected to a non-custodial wallet enabling frictionless juggling between traditional currencies and cryptos.

Swiss start-up 🇨🇭 will launch a product this summer that is probably unique in the world: a traditional bank IBAN connected to a non-custodial wallet enabling frictionless juggling between traditional currencies and cryptos.

Do you know Mt Pelerin? It's one of Europe's hottest solutions for buying and selling cryptos while retaining control over your funds (self custody).

The Swiss start-up made a name for itself by forging banking relationships fairly early on to enable its customers to recover fiat currencies (euros, Swiss francs, etc) without risking account closure; many banks are still reluctant to accept customers cashing in on capital gains from cryptos. Many high net worth individuals have used Mt Pelerin since its launch in 2018.

But the company will soon be adding a new service that should appeal to people attached to their financial sovereignty.

From this summer, Mt Pelerin will start offering a personal IBAN connected to a crypto wallet. A thousand customers will soon be able to test the service.

Concretely, this will make it possible to receive funds in the currency of one's choice (euro, British pound, Swiss franc, etc.) so that they can be automatically converted into the crypto of one's choice (the biggest stocks in the sector, the major stablecoins and especially EUROC, Circle's euro stablecoin) and on the blockchain of one's choice (Bitcoin, Ethereum, Polygon, Ethereum layers 2, etc.).)

It will also be possible to use this IBAN to pay: the cryptos will be automatically converted into the chosen currency (euro in our case) and sent to the beneficiary's bank account.

What's the point of such an offer?

The advantage of this system is that it will allow anyone to use a crypto wallet as their main bank account. With this service, it will be possible to interact with the traditional banking world while having one's funds on a wallet that only the user will control. It could look like a kind of Revolut, the UK fintech known for being multi-currency and offering crypto investing, but in total self-custody.

"Our vision has always been to promote self-custody in everyday life, it's about financial freedom," explainsYann Gerardi, in charge of marketing for Mt Pelerin. "The challenge was to offer an experience as easy as with a traditional bank account," he says.

Many professionals involved in cryptos, such as certain entrepreneurs or influencers, will also be able to take advantage of a bank account without fear of their bank closing it because of their activities.

For the moment, the service's business model has not yet been fully decided. According to our information, it is possible that Mt Pelerin will offer a subscription. "We want to make sure we have the lowest possible fees to maximise adoption," insists Yann Gerardi.

The icing on the cake is that a Visa or Mastercard payment card will soon be available with this offer. It could be available by the end of the year.

This analysis is not investment advice. It has been prepared without taking into account your personal situation, particularly your financial situation, risk profile, and investment objectives.

Before investing in any product, investors should fully understand the risks involved and consult their own legal, tax, financial, and accounting advisors.

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