According to the Times of Malta, September 2, Bittrex, the U.S. based 18th top cryptocurrency exchange worldwide, has bought the 10% of stock of Malta-based blockchain company Palladium. Paolo Catalfamo, the founder and chairman of Palladium, stated “Bittrex’s current investment is a proof of Malta’s attention to become the leader of regulating blockchain technology.”
In July, Palladium declared the distribution plan of $150 million in tokens in the world’s “first” Initial Convertible Coin Offering(ICCO) with Bittrex and Unikrn. According to the Times of Malta reports, currently Investar Holding holds 85% and Unikrn owns 15% of Palladium stocks. Palladium continuously tries to come up with the “first regulated unified platform” for fiat money, banking and crypto exchanges which will make clients easy to handle crypto purchases, bill payments and trading digital assets through one platform.
Bittrex’s July announcement includes that the ICCO is accepted by the Malta Financial Services Authority(MFSA) and the project is governed under European Union regulations.
The difference between ICCO and Initial Coin Offering(ICO) is that investors will be able to change tokens into company shares after a certain date. According to the Cointelegraph, investors of Palladium are able to get company’s share with tokens three years after the issue date.
The Bittrex crypto exchange newly became as a participant of “Virtual Commodity Association Working Group”, in order to enhance industry standards and be a leader of the self-regulatory organization for digital commodities like Bitcoin (BTC) and Ethereum(ETH). Furthermore, in August, Bittrex collaborated with Ripple to produce a healthy ecosystem of digital asset exchanges following Bisto and Coins.Ph.
Author: Jieun Lee