Bittrex, one of the world’s top exchanges is believed to have struck a deal with Malta based blockchain company, Palladium. This is according to times of Malta who reported the deal on September 2.
The U.S.-based crypto exchange which is ranked 18 based on the total average trade volume it enjoys is believed to have bought a 10% stake in Palladium. Initial reports in July suggested that Palladium announced plans to distribute $150 million in tokens in what the company tagged the “first” Initial Convertible Coin Offering (ICCO). This was to be organized in partnership with Bittrex and Unikrn.
According to the times of Malta, Some of the biggest shareholders in Palladium include Unikrn which owns 85% and Investar Holding which owns a 15% stake in the company.
In July, the company announced that it was planning to become the first ever regulated platform for fiat money, banking and crypto exchange were clients can seamlessly manage crypto purchases, carry out bill payments as well as allowing users to swap their crypto asset on one single platform.
It would interest you to know that the ICCO was approved by Malta Financial Services Authority (MFSA), and duly regulated under European Union rules.
The difference between ICCO and Initial Coin Offering (ICO) is that ICCO allows investors to convert their tokens to company shares at an agreed date. And in the case of Palladium, Investors would be allowed to convert their tokens to the company’s share, three years after the ICCO.
Praising the ingenuity of their project, Palladium founder, Paolo Catalfamo stated that Bittrex recent investment in the company is a proof that Malta is taking the center stage in a crypto world that has remained largely unregulated. And with crypto exchange, Bittrex becoming one of the participants of “Virtual Commodity Association Working Group” — a regulatory agency for digital currency like cryptocurrencies, it is an indication of just how much the crypto exchange is bracing up for the future.
It would also be recalled that Bittrex also announced a partnership with Ripple in August in an attempt to establish a “healthy” ecosystem for digital asset exchanges.