Bittrex, one of the top cryptocurrency exchanges worldwide, has recently invested in Malta-based blockchain company Palladium, local news outlet Times of Malta reports September 2.
The U.S.-based Bittrex, now the 18th top crypto exchange by total average trade volume, has bought a 10 percent share in Palladium.
In July, Palladium had announced plans to distribute $150 million in tokens in the world's "First" Initial Convertible Coin Offering in partnership with Bittrex and Unikrn eSports bookmaker, scheduled to begin on July 25.
Current shareholders of Palladium include Investar Holding and Unikrn, which own 85 and 15 percent of the company respectively, the Times of Malta reports.
Palladium is reportedly planning to become the "First regulated unified platform" for fiat money, banking, and crypto exchanges, enabling clients to manage crypto purchases and bill payments, as well as swapping crypto assets via one single platform, the company's July Medium announcement noted.
The ICCO is approved by the Malta Financial Services Authority, and the project is regulated under European Union rules, Bittrex's July announcement stated.
In case of Palladium, the investors will be able to convert the tokens in the company's shares three years after the issue date, Cointelegraph reported.
Palladium's founder and chairman Paolo Catalfamo commented that Bittrex's recent investment is a proof of Malta's focus to become the "Forefront of regulating blockchain technology," the Times of Malta writes.
The Bittrex crypto exchange recently became one of the participants of "Virtual Commodity Association Working Group" - the self-regulatory association for digital commodities like cryptocurrencies.
Earlier in August, Bittrex had also partnered with Ripple in order to provide a "Healthy" ecosystem of digital asset exchanges, along with crypto exchanges Bitso and Coins.
Crypto Exchange Bittrex Invests 10 Percent Stake in Malta-Based Blockchain Firm Palladium
Published on Sep 2, 2018
by Cointele | Published on Coinage
Coinage
Recent News
View All
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.