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[USDM]
Mountain Protocol
Management
0.82/1
Low Risk
[S]
[M]
[I]
[D]
[G]
[E]
0.85
0.82
0.00
0.10
0.93
0.00
[S]
0.85
[M]
0.82
[I]
N/A
[D]
0.10
[G]
0.93
[E]
N/A
[USDM]
Mountain Protocol
Management
0.82/1
Low Risk
Restrictions
0.82 / 1
2.1Restrictions
0.82/1
2.1.1Known Core Teams
1.00

Mountain Protocol was founded in Oct 2022 by Martín Carrica and Matías Caricato.

Both founders have an adequate level of prior experience in crypto and new ventures. Previously, Martín founded Naru (fintech start-up) and worked as a consultant at McKinsey, while Matías was the CTO at Buenbit (crypto exchange) and worked as engineering manager at Elementum (software firm).

The issuer’s board includes compliance experts, such as Jeffery Baron (Chief Compliance Officer at Coinbase Bermuda and Bittrex) and Firas Habach (Swiss Head of Compliance at Revolut).

Investors in Mountain Protocol include Coinbase Ventures, Castle Island Ventures, Multicoin Capital, and Bankless Ventures. Other investors include the founders of OpenZeppelin, Reflexer, and Nansen.

Additionally, the issuer has introduced a third-party oversight mechanism for critical operational and financial functions with meaningful impact. Steakhouse Financial, a service provider, acts as a third-party signer for the issuer’s Fireblocks wallet. Members of the service provider must approve any transactions over $10M and those implementing new withdrawal addresses or modifying this policy.

Other service providers engaged by the issuer include EQ Capital (investment manager), The Network Firm (auditor), Nephos Accountants (proof of reserves attestations), Fireblocks (digital asset custody), and Winston & Strawn LLP and Carey Olsen (legal services).

2.1.2Jurisdiction Score
0.64

Mountain Protocol is headquartered in Bermuda, a leading offshore financial center and one of the world’s largest reinsurance centers. The issuer is regulated by the BMA as a Class F licensee, issued under the Digital Asset Business Act 2018 of Bermuda.

Bermuda is not scored by the World Justice Project. The World Bank’s Rule of Law governance indicator can be used as an alternative. This indicator rates the quality of contract enforcement, property rights, the judiciary system, and the likelihood of crime and violence.

The governance indicator scores Bermuda at 0.69 in a range of -2.50, +2.50, which is translated to a range of 0,1 to calculate the score.

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