Bittrex takes 10% holding in blockchain firm Palladium
US cryptocurrency exchange Bittrex has taken a 10% stake in Palladium, the Malta-based blockchain company it partnered with in the world’s first initial convertible coin offering (ICCO) in July.
Palladium is currently owned by Louisiana financial services group Investar Holding and Unikrn, the esports betting portal, which own 85% and 15% respectively.
While there was scant financial details of the deal, Palladium founder and chairman Paolo Catalfamo said: “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.”
Indeed, Malta is fast becoming known as “blockchain island” after passing a trio of bills in July to develop a regulatory landscape that promotes innovative new technologies to attract foreign fintech and digital companies.
Bittrex is the 18th-biggest crypto exchange total average trade volume and has had recent dealings with Palladium as a partner in its $150m ICCO which began in July.
The so-called ICCO was a world first, enabling participants to invest in a fully-regulated offering in which they will be able to convert tokens in company shares a specified later date – some three years after the coin issue date.
“We’re committed to advancing blockchain technology and identifying projects that highlight its potential benefits,” Bittrex chief executive Bill Shihara said at the ICCO launch in July.
He added: “Our partnership will launch a new trading platform powered by Bittrex technology, and its customers will have access to the large selection of innovative utility tokens listed on Bittrex, which we chose using our industry-leading token review process.”
The Times of Malta reported this weekend that Palladium’s Catalfamo said the Bittrex investment was “proof of Malta’s focus to become the forefront of regulating blockchain technology”.