Today bittrex excited to announce a new partnership between Palladium, Unikrn and Bittrex to launch a new trading platform in Malta powered by Bittrex technology
Proud to welcome http://palladium46.com project to #Malta This new venture, with participation of @BittrexExchange and @UnikrnCo will offer an exciting innovation in the #blockhainisland ecosystem -JM
The new crypto trading platform to be powered by Bittrex technology
MALTA--July 10, 2018--Palladium, a Malta-based blockchain company, is today launching the world’s first fully regulated Initial Convertible Coin Offering (ICCO) to give investors peace of mind and a stake in the future of virtual currencies.
The issuance of a tokenized convertible warrant — which is regulated by a prospectus approved by the Malta Financial Services Authority (MFSA) and subject to stringent EU rules — will give investors the right to convert the tokens into shares of Palladium three years after the issue date.
Prof. Paolo Catalfamo, founder and chairman of Palladium, said: “We expect this project, which will create more than 100 job opportunities, to be a historic landmark and to bridge the gap between traditional financial services and cryptocurrencies.”
Speaking during the launch held at the Malta Stock Exchange, Valletta, Prof. Catalfamo said the Palladium platform was a revolutionary solution to the biggest obstacles to widespread crypto adoption: cumbersome management of cryptocurrencies and regulatory uncertainty surrounding their use.
Malta, which is fast becoming the blockchain island, was the natural choice for Palladium’s headquarters and today’s launch was attended by Prime Minister Joseph Muscat, Financial Services Parliamentary Secretary Silvio Schembri, and MFSA CEO Joseph Cuschieri.
Prof. Catalfamo praised the Maltese government for being at the forefront of regulating blockchain technology and said, “Malta is enacting a comprehensive blockchain legislation and has a dedicated blockchain unit at the MFSA. This is attracting talent and creating a vibrant environment for the development of Palladium’s business.”
He added: “This ICCO is one of the most unique investment opportunities in the blockchain world. Institutional investors recognize the scale of the opportunity, but the lack of regulation has kept them watching from the sidelines. Palladium’s solution will change this. Cutting-edge blockchain technology will allow customers to use regulation-compliant, multi-asset accounts to manage fiat and crypto currencies.”
The fundraising target is €150 million, and the pre-sale of Palladium tokens starts today. The offering period for subscription of the tokenized securities will run from July 25 to September 30.
Proceeds will be used to support the three core blocks of Palladium’s solution: 50 percent will go towards the acquisition of a controlling interest in a European bank; 35 percent into the formation of a regulated crypto exchange and the development of a clearing and settlement blockchain platform; and 15 percent into strategic investments in financial services and blockchain companies complementing Palladium’s business.
The Palladium crypto exchange will be the result of a partnership between Palladium, Unikrn and Bittrex, the premier U.S.-based digital trading platform and a leader in the global blockchain revolution. Bittrex’s technology is designed to build and power crypto trading platforms that provide reliability, scalability and security. Currently, Bittrex lists almost 200 digital tokens and works with token teams around the globe to incubate some of the world’s most innovative blockchain projects.
“We’re committed to advancing blockchain technology and identifying projects that highlight its potential benefits,” said Bittrex CEO Bill Shihara, who attended the launch event. “Our partnership will launch a new trading platform powered by Bittrex technology, and its customers will have access to the large selection of innovative utility tokens listed on Bittrex, which we chose using our industry-leading token review process. We’re excited that this project will help further increase adoption of blockchain technology and continue to expand our business globally.”
Palladium is also drawing on leading personalities in business, technology, financial services and blockchain to sit on its Board and Advisory Board. Among them are the former CEO of Microsoft Ventures, a former attorney at the US Securities Exchange Commission, and the former managing director of Credit Suisse.
Rahul Sood – founder of Unikrn, a shareholder in Palladium, and former CEO of Microsoft Ventures – said, “There's nothing like this in the history of banking or cryptocurrency. Palladium has found a way to solve some of cryptocurrency's biggest drawbacks with a single solution within existing regulations.”