Famous Crypto Exchange Bittrex buys 10% stake in Malta based blockchain firm Palladium, according to the local media outlet Times of Malta.
Bittrex is known one of the top cryptocurrency exchanges worldwide, based out in Seattle, Washington, US and by total trade volume it has turned out to be the 18th top crypto exchange.The firm is aimed to build and power crypto trading platforms to provide reliability andsecurity. After gaining a 10% stake in the popular startup Palladium which has launched witha wide fanfare progressing at a rapid pace by branding its technology.
Paolo Catalfamo ,founder, and chairman of Palladium said: “We are excited to have such aglobal player on board. Bittrex’s investment in Palladium is a confirmation of Malta’s sound decision to be at the forefront of regulating blockchain technology.”
Reportedly, last month during July, Palladium had announced its plans to distribute $150 million in tokens in the world’s “first” Initial Convertible Coin Offering (ICCO) to give investors peace of mind and a stake in the future of virtual currencies in partnership with the current shareholders Investor Holding and Unikrn eSports bookmaker, which own 85 and 15 percent of the company correspondingly, planned to begin on July 25.
Palladium’s tokenized convertible warrant prospectus is regulated after the adherence of stringent EU rules which is approved by the Malta Financial Services Authority (MFSA). Maltese Prime Minister Joseph Muscat also seen constructing a speech during the event which has caught many attentions.
According to the blog post in July, Palladium project is regulated under European Union rules and since its launch projecting to become the first regulated unified platform for fiat money, banking, and crypto exchanges. The platform is enabling clients to manage crypto purchases and bill payments, as well as swapping crypto assets via one single platform.
Bittrex’s July announcement stated:
The difference between an ICCO and Initial Coin Offering (ICO) is that investors will be able to convert tokens into company shares on a specific later date. In the case of Palladium, the investors will be able to convert the tokens in the company’s shares three years after the issue date.
Rahul Sood, Unikrn CEO, and Palladium board member said that the Unikrn hold a 15% stake in Palladium and investment by Bittrex was one of the most significant phases for the project.
“Palladium is powered in partnership with the geniuses at Bittrex and is slated to become the world’s first regulated tokenized blockchain security exchange, which is a formative move for this emerging technology space. Palladium will offer some of the most meaningful solutions to companies like Unikrn and other blockchain platforms, super simple access to our tokens from anywhere at any time, the ability to bank crypto and fiat, and the option to offer securities down the road.”