Cryptocurrency Exchange Bittrex Invests in Maltese Blockchain Startup Palladium
Bittrex, the world’s 20th largest digital assets exchange by daily traded volume, has bought a 10 percent stake in Palladium, a distributed ledger technology (DLT) project focused on eliminating the challenges hodlers face while trying to make payments with cryptoassets, buy digital assets from their bank accounts and more, as first reported by Times of Malta on September 2, 2018.
Bittrex Pumps Funds into Palladium
Bittrex has acquired a ten percent stake in startup Palladium Blockchain, a platform approved by the Malta Financial Services Authority (MFSA).
Palladium which claims to be one of the most ambitious DLT projects in the world, joined forces with Bittrex bitcoin trading platform in July 2018, to launch what it dubbed “the world’s first initial convertible coin offering (ICCO).”
Per the Palladium team, investors will get a tokenized convertible warrant which is fully regulated by a prospectus approved by the MFSA and works in accordance with stringent European Union crypto guidelines.
Palladium claims investors will be able to convert the tokens into Palladium shares after three years from the date it was issued to them.
The platform aims to contribute to the global cryptocurrency adoption and provide jobs for the masses and solve the problem of inefficiency in cryptoassets management and regulatory uncertainty crippling its use.
The founder and chairman of Palladium, Paolo Catalfamo expressed excitement over the deal with Bittrex, adding that “Bittrex’s investment in Palladium is a confirmation of Malta’s sound decision to be at the forefront of regulating blockchain technology.”
Palladium team has made it clear it’s looking to raise about 150 million euros for the project. It pledges to use 50 percent of the funds in acquiring a “controlling interest” in a European bank, 35 percent will be used to build a regulated digital assets exchange and a clearing and settlement blockchain, while the remaining 15 percent goes into financial services and DLT firms complimenting Palladium.
Malta, Bittrex, and Unikrn Fuelling Palladium
The Maltese government has offered strong support to blockchain and virtual currency startups in recent times, with the region already home to credible crypto-businesses like Binance and several others.
In July 2018, when Palladium launched its token presale held at the Malta Stock Exchange, the event was reportedly attended by highly reputed officials of the Maltese government including Prime Minister Joseph Muscat, Financial Services Parliamentary Secretary, Silvio Schembri and others.
On August 29, 2018, BTCManager informed that the world’s first DLT-powered university called Woolf University had opened shop in Malta.