Bittrex Acquires Stake In Maltese Blockchain Firm Palladium
The US-based cryptocurrency exchange Bittrex has acquired a 10% stake in a Malta-based blockchain startup named Palladium, which launched the world’s first fully regulated Initial Convertible Coin Offering (ICCO). The Chairman of Palladium, Paolo Catalfami, stated
“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 convertible crypto is overseen by the Malta Financial Services Authority (MFSA). Furthermore, Palladium has assured users that all token sales will follow strict rules of the European Union. The majority of Palladium’s shares are held by bank holding company Investar Holding, and eSports betting firm Unikrn. With this investment Bittrex becomes a major player in the Maltese blockchain company.
Bittrex was also in headlines recently for announcing its intention to offer Cardano (ADA) and Zcash (ZEC) paired up with the US dollar from September 5th.
Notably, only a month before Bittrex started offering Bitcoin (BTC) and other cryptos paired with the greenback. Clients can choose the option of only trading the USD pairs or deposit, withdrawal and trading of the US dollar.
The investment made by Bittrex in Palladium is smaller compared to the investments made by Investar and Unikrn, but the investment has brought Palladium in the limelight.
Catalfamo further stated
“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.”