Bittrex Buys 10 Percent Stake in Palladium

Bittrex Buys 10 Percent Stake in Palladium
ICO News

The American cryptocurrency exchange Bittrex has bought a 10 percent stake in Palladium. Palladium is a blockchain company based out of Malta. Notably, Malta is one of the few countries to enforce a complete cryptocurrency legislation.

Palladium is focused towards closing the gap between Initial Coin Offerings (ICO) and Initial Public Offerings (IPO) by making their tokens exchangeable for company shares.

This is an important step towards a new financial market because, in multiple countries across the world, the difference between an ICO and an IPO is not clear. Normally, blockchain startups do not consider their token offerings as shares, in fact, several lawsuits are ongoing in the US regarding this exact issue.

Bittrex had joined an upcoming US self-regulatory organization called the ‘Virtual Commodity Association’ back in August 2018. This organization is specifically used by companies offering in. jurisdictions where the country’s law has not legitimized the cryptocurrency industry until now.

The Palladium ICCO

Palladium plans to raise 150 million Euros in its ICCO which ends in September. The Initial Convertible Coin Offering’s (ICCO) sale is similar to an IPO. Users and investors are allowed to convert the tokens into shares three years after the issue date.

The companies are planning to use 50 percent of the 150 million Euros to acquire a European bank, around 35 percent of the amount will be used for developing a cryptocurrency exchange and the remaining 15 percent will be used for the acquisition of other valuable companies.

Paolo Catalfamo, Founder and Chairman, Palladium also heads Investar and GlobalCapital. Investar is an asset management company that caters to high-net-worth clients. GlobalCapital is a life and health insurance company with a market value of €25 billion. Global Capital signed an offer to purchase 49 percent of Lombard Malta Bank back in March. Interestingly, the government of Malta owns 49 percent of the bank as well.

Bittrex was established in 2013. The company is based out of Seattle and manages $60.9 million trading volume in a period of 24 hours. 

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