The Malta-based company Palladium will release the world’s first ICCO (Initial Convertible Coin Offering), along with its two partners, one of which being Bittrex, as reported in an article issued yesterday, July 10th.
Palladium, which plans to develop a regulated cryptocurrency exchange in Malta, will attempt to disburse $150 million in tokens in the ICCO, which is expected to commence on July 25th. The upcoming cryptocurrency exchange, which will run entirely under the auspices of the increasingly crypto-friendly jurisdiction of Malta, will be developed by using approximately 15% of the collected funds.
The other part, states Palladium, will be spent on the “acquisition of a majority stake in a European bank,” along with “strategic investments in financial services and blockchain companies that complement Palladium’s business.”
We hope that this project, which will create more than 100 job opportunities, will be a historic milestone and will close the gap between traditional financial services and cryptocurrency.
Paolo Catalfamo, Palladium CEO
An ICCO (Initial Convertible Coin Offering) differs from an ICO (Initial Coin Offering)
An ICCO is different from an ICO in the sense that the investors will be entitled to convert the tokens into company shares at a subsequent date. In the case of Palladium, this will be possible three years from the ICCO date.
An ICCO is different from an ICO in the sense that the investors will be entitled to convert the tokens into company shares at a subsequent date. In the case of Palladium, this will be possible three years from the ICCO date.
The measure represents a new step in Malta’s blockchain and cryptocurrency rush, as Prime Minister Joseph Muscat witnessed the company’s debut on the Malta Stock Exchange just last week. Muscat had greeted Binance which is one of the most significant cryptocurrency exchanges in the world by trading volumes.
Also in the news, Malta announced the launch of a university blockchain degree from October 2018 onwards to train state’s personnel in blockchain and cryptocurrency fields.
