Palladium Launches The First Initial Convertible Coin Offering On Bittrex Exchange
You surely have heard of Initial Coin Offerings (ICOs) but have you heard of Initial Convertible Coin Offering (ICCO)? Palladium, a blockchain company based in Malta, is launching this new token sale which is fully regulated by the Malta Financial Services Authority (MFSA) and subject to rules in the European Union.
These convertible tokens will give the investors the right to convert the tokens that they have bought into shares of the company after three years. According to Paolo Catalfamo, the founder and chairman of the company, the project will create more than 100 job opportunities and can be considered a historic landmark that will help to bridge the gap between traditional services and crypto.
The creator considered this project to be the solution to some of the biggest obstacles that the industry is currently facing at this time like being hard to manage or even having regulatory uncertainties.
Maldita Is Becoming Blockchain Island
With the backup of the government and heavy incentives, Malta is becoming a new haven for blockchain and, thus, it was chosen to be the headquarters for the company. The launch of the company was attended by the Prime Minister of Malta, Joseph Muscat, and the Financial Services Parliamentary Secretary of the country, Silvio Schembri.
Catalfamo has complimented the government for being so supportive of the blockchain technology and its development. According to him, Malta is creating a comprehensive blockchain legislation that can really help to secure a vibrant environment for the development of further products like Palladium and that is why the company choose the country for its activities.
The Paladium ICCO Sale
According to the creators of the ICCO, it is one of the most unique investment opportunities that the investors will have during the year. Institutional investors, which are still somewhat wary of the blockchain market, will be able to freely invest in this new initiative because it is 100% compliant and regulated by trustworthy governments.
The target of the sale is 150 million EUR. The pre-sale has been started today and the main sale will last from July 25 to September 30, lasting about two months. The money raised from the ICCO will be used to support the three core blocks of the solution.
Half of the money will be used in the acquisition of controlling interest in an European Bank, 35% will be used to form a regulated crypto exchange and 15% into strategic investments into both other blockchain companies and financial services which will serve as a way to complement the main business of the company.
This New Platform Will Be Powered By Bittrex
This new platform that is being developed by Palladium is a partnership of the company with Unikrn and the Bittrex Exchange. At the moment of this report, more than 25 million users are on Bittrex and more than 200 tokens on the platform. To buy tokens, you will have to use the platform.
Bittrex technology will be used to give scalability, reliability and security to the sale of tokens. According to the CEO of the Bittrex Exchange, Bill Shihara, the company is committed in advancing the blockchain technology. Also, the company will help in the adoption of the company.
Palladium has been forming a very strong team. The company was able to secure a partnership with a former CEO of Microsoft Ventures, a former attorney of the US Securities Exchange Commision and a director of Credit Suisse. Other partner is Rahul Sood, founder of Unikrn.
Today we’re excited to announce a new partnership between Palladium, Unikrn and Bittrex to launch a new trading platform in Malta powered by Bittrex technology. https://t.co/bYoZqpMANY pic.twitter.com/k4tglTAURa
— Bittrex (@BittrexExchange) July 10, 2018