Bittrex, a United States-based exchange invests in Palladium, a Malta-based blockchain firm. The details of the investment were released by the local news portal Times of Malta.
Bittrex Investment In Malta
Bittrex cryptocurrency exchange purchased a 10 percent stake in Palladium. Bittrex is ranked as the 18th cryptocurrency exchange in the world based on the exchanges’ total average trade volume.
The exchanges’ investment in Palladium is an extension of its Initial Convertible Coin Offering (ICCO) launched in July. The ICCO differs from the usual ICO offered by cryptocurrency startups.
The ICCO is a form of share sales as the coins purchased could be converted to share of the company at a later date. The ICCO offered by Palladium is to be changed to shares of the blockchain firm in the next three years.
The ICCO offered by palladium is a sale of $150 million in tokens in the world’s first Initial Convertible Coin Offering (ICCO) in partnership with Bittrex and Unikrn eSports bookmaker. This started on the 25th of July 2018.
The founder and chairman of Palladium, Paolo Catalfamo, stated:
“We are excited to have such a global player on board. Bittrex investment in Palladium is a confirmation of Malta’s sound decision to be at the forefront of regulating blockchain technology.”
Palladium ICCO is backed and aided by the approval of the Malta Financial Services Authority (MFSA) and also subjected to the European Union rules. This gives credibility to the tokenized convertible warrant.
The present shareholders of the company are Investar Holdings and Unikrn, hoping 85 percent and 15 percent respectively.
The 10 percent stake purchased would aid the further expansion and growth of Bittrex beyond the United States, and it will also support the goals of Palladium.
About Palladium And Bittrex
Palladium is a blockchain firm based in Malta. It seeks to become the first regulated unified platform for fiat currency banking, and cryptocurrency exchange. This would enable its clients to have a one-stop place for cryptocurrency swapping to fiat currency.
Bittrex is a US-based cryptocurrency exchange headquartered in Seattle, Washington. It was founded in 2013 by Bill Shihara and two other business partners. The exchange is renowned for its offering of lightning-fast trade execution, dependable digital wallets, and industry-leading security practices.