Bittrex Buys 10 Percent Stake in Malta-based Banking Solution Palladium
Bittrex has bought a 10 percent stake in Palladium, a company that looks to bring banking, cryptocurrency custody and trading under one roof.
U.S-based cryptocurrency exchange has just bought a 10 percent stake in Palladium, a Malta-based blockchain company. This was according to a report by local news outlet Times of Malta yesterday, September 2.
Bittrex is recognized as one of the leading cryptocurrency exchanges in the world and has also been a major player in the global Blockchain revolution over the past few years.
Paolo Catalfamo, founder and chairman of Palladium while talking about this latest development stated that the firm is excited to partner with Bittrex which it considers a global player in the industry.
He added that Palladium is a proof that Malta is striving hard to become the leading blockchain technology country in the world.
Palladium and Bittrex build a new crypto exchange
The relationship between Bittrex and Palladium have been on for a while. In July, Palladium announced that it has concluded plans to launch the world’s first so-called initial convertible coin offering (ICCO). It partnered Bittrex and Unikrn on that project.
The new partnership will see Bittrex power the Palladium trading engine, part of its offering. The company described the exchange as a platform that “[a]llows users to buy, sell, use or manage crypto freely and simply — and without hidden fees.”
Bittrex CEO Bill Shihara had earlier stated that the partnership between the companies will lead to the launch a new trading platform powered by Bittrex technology.
The customers of the platform will have access to the large selection of innovative utility tokens listed on Bittrex.
The company will also look to distribute $150 million in tokens in the ICCO which was slated for July 25.
In this innovative case, has been termed as the ‘tokenized convertible warrant’. The ICCO will be fully regulated by a prospectus which is to be approved by the Malta Financial Services Authority. The project is also subject to some stringent EU rules.
Once the tokens are issued, investors will have the chance to convert these tokens into Palladium shares three years later.
Catalfamo was very optimistic about the ICCO and the development of the cryptocurrency exchange. He noted that the project will create more than 100 job opportunities and will go a long way in bridging the gap between traditional financial services and crypto-currencies.
According to the company, the ICCO creates greater legitimacy, transparency, and regulation on them, and gives their investors significant peace of mind.
With the help of ICCOs, the cryptocurrency world would be brought out of the Wild West phase and will reduce the downward pressure caused by uncertainty from rampant speculation.
Palladium to Purchase European Bank
The CFO of Palladium, Pablo Perez Fernandez, revealed in a recent interview that the company is looking to purchase an existing European bank once they complete their SCO (Security Coin Offering).
At the moment, they do have several options in mind for European banks they expect to fall within the purchase range of their initial funding, and their timeline projects acquisition of a bank in early 2019.