Bridge Wallet, a crypto mobile app, has implemented zero fees on-ramp and off-ramp services for Tezos’ native token XTZ. Brought by Swiss FinTech Mt. Pelerin, the non-custodial app bridges the gap between traditional finance and the crypto economy.
Moreover, Mt. Pelerin announced that Tezos will propel its open-source asset tokenization platform. The project will enable the issuance and management of compliant tokenized securities such as funds, bonds, and shares.
Bridge Wallet’s goal is to facilitate direct fiat to crypto investments besides simplified crypto withdrawals. Currently, the app has over 13,000 users. It is becoming increasingly popular since it features free crypto-fiat transactions with no commissions, hidden costs, or inflates spreads.
By enabling access to what are fundamentally OTC rates to all users, Bridge Wallet outdoes centralized exchange platforms. A small degressive commission, is however applicable, for transactions amounting to over $500-$50,000 of MPS tokens (Mt. Perelin’s tokenized shares).
Tezos, on the other hand, marked its third anniversary as one of the pioneers of Proof-of-Stake (PoS) blockchains. The network’s activity has experienced a 1,200 percent growth this year, owing to its ease of use and low energy footprint. Tezos DeFi ecosystem is growing with ERC-20 bridges for yield farming protocols, escalating AMM platforms, and low-gas cross-chain utility.
Notably, multiple organizations are building on the Tezos blockchain. These include game developers, sporting franchises, music labels, and central banks.
Tezos uniqueness lies in its intrinsic ability to self-upgrade with industrial modernization excluding network disruptions. On-chain governance makes Tezos network upgrades possible as developments are continuously proposed, approved, and implement without forks. As of now, Tezos has undergone a total of six network upgrades. The advantages of these are lower gas fees, better token standards, and faster transaction speeds among others.
In the future, Tezos intends to roll out instant card purchases and withdrawals for XTZ.
As for the Bridge Wallet, its availability is now in 171 countries (excluding the US). It is also available in different languages and on both iOS and Android. The app supports the various purchase and cash-out currencies including USD, GBP, and EUR, to mention a few. Bridge Wallet also supports both Tezos mainnet and testnet.
The apps, creator, Mt. Pelerin raised $2 million in equity funding for the project in 2018. The company offered tokenized shares in addition to voting and dividend rights to all investors. The firm has since become a leading actor in asset tokenization using its Bridge Protocol platform. Plans for Mt Pelerin include setting up a tokenized full-reserve financial institution in Switzerland.