Malta-based company Palladium in tandem with Bittrex exchange has announced the world’s first regulated Initial Convertible Coin Offering (ICCO).As stated Bittrex, the key feature of convertible coins is that the holders will be able to exchange coins into a stake in Palladium company within a 3-year period after the issue.
Palladium has high hopes for this project, which can be the milestone in the industry:
"We expect this project, which will create more than 100 job opportunities, to be a historic landmark and to bridge the gap between traditional financial services and cryptocurrencies.”
The founder of Palladium was quite positive about Malta, confirming that the local authorities definitely work hard to create a favourable environment for the companies in this segment.
“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,”
He also added that this would be a great chance for the investments. At the same time, large institutional investors reportedly see this opportunity, though do not join the sector due to its insufficient regulation.
“Palladium’s solution will change this. Cutting-edge blockchain technology will allow customers to use regulation-compliant, multi-asset accounts to manage fiat and cryptocurrencies,” the company statement reads.
The ICCO is designed to attract $150 million. According to the released report, the official campaign is to take place on July 25-September 30, with pre-sale started on July 10.
The new project will be based on the Bittrex technology. Such cooperation will provide all potential users with a wide list of tokens from the exchange.