Bittrex Acquires Stake in Maltese Blockchain Company
Bittrex, one of the biggest crypto exchanges on the market, has recently bought shares in a Malta-based blockchain company called Palladium, reported on September 2nd local news outlet Times of Malta.
The US exchange operator bought a stake share of 10% in the Maltese blockchain company, Palladium.
“We are excited to have such a global 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,” said Paolo Catalfamo, the founder and chairman of Palladium.
Before Bittrex made this investment, 85 % of Palladium was kept by bank holding company Investar Holding and 15% was held by eSports betting platform Unikrn. Seeing as no official announcement regarding the stake acquisition was made, it is still unknown if the two companies have sold a part of their shares to Bittrex.
Back in July, Palladium received plenty of media attention for launching the first ever Initial Convertible Coin Offering (ICCO) together with Bittrex and Unikrn’s help. An ICCO sales a “tokenized convertible warrant” (not just plain tokens like it is with ICOs) which will enable users to convert the tokens into company shares after three years from its issuing date.
According to an official announcement made in July, Palladium’s ICCO is scheduled to last until the end of September and has a target of €150 million. Roughly half of the resulted funds will be allocated to buying a controlling interest in an unnamed bank headquartered in Europe.
It was posted on the company’s Medium blog that Palladium had plans of becoming the “first regulated unified platform” which will handle both fiat banking and crypto exchanges, enabling its users to make crypto transactions and payments, along with crypto trading on one platform.
These times are proving to be very fruitful for Malta and blockchain developments. In July the country’s parliament gave its approval to three bills which concerned cryptocurrency and blockchain.