Malta-based blockchain company, Palladium is putting up the first-ever state-regulated Initial Convertible Coin Offering (ICCO) giving investors added security for their money.
Tokens For Shares
The issued contract which gives investors an option to turn their tokens into Palladium shares three years after buying them is fully backed by the Malta Financial Services Authority (MFSA) and compliant with the stringent EU regulations.
At the launch of the Palladium platform, founder and chairman Prof. Paolo Catalfamo shared their expectations from the project:
- That it will generate 100 local job opportunities.
- To be a historic landmark.
- To bridge the gap between traditional financial services and cryptocurrencies.
He further added that their one-of-its-kind Palladium platform removes two big hindrances to cryptocurrency acceptance by the masses — unclear regulations and cryptocurrency management difficulty.
Full Maltese Government Support
The launching ceremony was graced by top Maltese officials namely Prime Minister Joseph Muscat, Financial Services Parliamentary Secretary Silvio Schembri, and MFSA CEO Joseph Cuschieri.
Malta, which is positioning itself as the “Blockchain Island” is at the forefront of blockchain regulatory initiatives and is fast becoming a safe haven for blockchain firms.
Prof. Catalfamo acknowledged the Maltese government:
“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.”
The ICCO is targeting to raise €150 million. Proceeds according to the company will go to the following:
- 50 percent for the acquisition of controlling interest in an EU bank.
- 35 percent for a regulated crypto exchange.
- 15 percent into strategic investments.
Three companies will be working together to build the Palladium crypto exchange. Bittrex, a US digital exchange and a world leader in blockchain will power the platform. Unikrn, an esports betting company, based in Las Vegas will also help in the project.
Malta is also home to Binance, the world’s biggest crypto exchange in terms of volume who recently declared a whopping $1B profit in 2018.