Bittrex Crypto Exchange Invests into Palladium Blockchain, based in Malta For 10% Stake
Bittrex Crypto Exchange Invests In the Blockchain Firm Palladium; Has 10 Percent Stake
One of the most important cryptocurrency exchanges around the world, Bittrex, has decided to invest in the blockchain company Palladium. The information has been released by the Times of Malta on September 2.
Bittrex decided to purchase a 10 percent share in Palladium, a firm located in Malta. The European island is very open towards virtual currencies and blockchain technology. There are several companies that decided to locate their headquarters in the nation.
Palladium said that it wants to distribute $150 million dollars in tokens in an Initial Convertible Coin Offering (ICCO). This will be the first ICCO ever held in the market. In order to do so, it will be partnering with Bittrex and Unikrn. At the moment, the ICCO is scheduled to start on July 25.
At the moment, the most important shareholders of Palladium are Investar Holding, with 85 percent share; and Unikrn, having a 15 percent share on the company.
The company is working in order to be the first regulated unified platform for fiat money, banking, and cryptocurrency exchanges.. It wants to enable clients to manage crypto purchasesand bill payments.
Accordingto Bittrex, the ICCO has been approved by the Malta Financial Services Authority (MFSA). The project is currently regulated by the European Union and its rules.
In an ICCO, investors will be able to convert tokens into company shares on a specific later date. Palladium investors will be able to change their tokens for company shares after three years from the issue date.
The founder and Chairman of Palladium, Prof. Paolo Catalfamo, said that the company expects to create around 100 jobs with the company.
About it he mentioned:
“We expect this project, which will create more than 100 job opportunities, to be a historic landmark and to bridge the gap between traditional financial services and cryptocurrencies.”
Back in August, Bittrex partnered with Ripple so as to provide a ‘healthy’ ecosystem of digital asset exchanges.
Bittrex is currently the 19th most important crypto exchange in the market according to its trading volume. In the last 24 hours it has moved almost $85 million dollars. The most important trading pairs are DOGE/BTC, BTC/USDT and XVG/BTC accounting for 40% of the total trading volume at the platform.