Maltese company Palladium announced the launch of the world’s first fully regulated primary offer of convertible coins (Initial Convertible Coin Offering, ICCO). ICCO differs from ICO in that it follows the strict EU rules and will give investors the right to convert tokens into Palladium shares three years after their sale.
Malta, which quickly turns into a “blockchain island”, has become a natural choice for the headquarters of the Palladium. Prof. Paolo Catalamo, founder and head of the Palladium, praised the work of the Malta’s Government in attracting blockchain projects. He said:
This ICCO is one of the unique investment opportunities in the world of blockchain. Institutional investors recognize the scope of this opportunity, but the lack of regulation makes them stand out. The decision of Palladium will change this. Advanced blockchain technology will allow customers to use regulated accounts for managing Fiat and cryptocurrency.
The company wants to collect 150 million euros during the ICCO, which will be held from July 25 to September 30. The profit will be used in three main directions: 50% will go for the acquisition of a controlling stake in the European bank, 35% – for the creation of a regulated cryptocurrency platform and the development of a platform for clearing and settlement on the blockchain, 15% – strategic investments in financial services and blockchain companies, which will complement the business of Palladium.
Crypto-exchange Palladium will be the result of a partnership between Palladium, Unikrn and the popular Bittrex – crypto exchange. The Bittrex technology, which lists almost 200 tokens, will ensure the reliability, scalability and security of the platform. Bittrex CEO Bill Shihara said:
We strive to promote the technology of blockchain and to find projects that use its potential advantages. Our partnership will launch a new trading platform based on Bittrex technology, and its customers will have access to a large selection of tokens from the Bittrex listing we have chosen, using our advanced token verification process. We are glad that this project will contribute to the further expansion of blockchain technology usage and will continue to expand our business around the world. Source: coinspot.io