US-based crypto exchange Bittrex has announced investment into Malta-based blockchain firm Palladium.
It has bought 10% of the venture, which announced plans to issue $150 million in tokens in the world’s first initial convertible coin offering (ICCO) in partnership with the South Korean exchange, Unikrn eSports bookmaker, starting 25th July and ending 30th September.
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The ICCO differs from an ICO (initial coin offering) in that those who acquire the Palladium token will be able to convert them into company shares three years after the launch of the pre-sale of Palladium tokens which started in 10th July. 35% will go to form a regulated cryptocurrency exchange and 15% into strategic investments into both other blockchain tech companies and financial services which then serve as a way to complement the primary business of the startup.
What is Palladium?
Palladium will reportedly become the first “first regulated unified platform” for fiat money, banking, and crypto exchanges, enabling clients to manage crypto purchases and bill payments, as well as swapping crypto assets via one single platform, the company’s July Medium announcement noted.
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The ICCO has been approved by the Malta Financial Services Authority (MFSA), and the project is regulated under European Union rules, Bittrex said recently. Palladium Founder and Chairman Paolo Catalfamo says Bittrex’s investment into his firm is proof of Malta’s focus to become the “forefront of regulating blockchain technology”.
A revolutionary solution
Catalfamo claims that Palladium is a revolutionary solution to the common obstacles to widespread adoption of cryptocurrency and complex management of cryptocurrencies and the regulatory ambiguity around them.
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.