‘World’s first,’ ‘first ever in history,’ and many other phrases highlighting the novelty can nowadays be often read about the world of blockchains and cryptocurrencies. The small island of Malta became no exception when its Palladium blockchain startup announced the launching of Initial Convertible Coin Offering (ICCO). The project is supported by the largest crypto exchange Bittrex, along with the e-games betting platform— Unikrn Inc. The money earned during ICCO will be used to create a new crypto exchange.
HOW IT DIFFERS FROM REGULAR ICO?
- The startup is launching world’s first regulated coin offering with which investors will be able to transfer tokens to the company’s shares three years after the release of the tokens. This is what makes it different from the traditional ICO.
- The pre-sale of tokens is already underway. The main part of the procedure will take place from the end of July until the end of September. Palladium plans to raise $175M (€150M): 35% will go to the crypto exchange creation, which will be controlled by the Malta Financial Services Authority. Half of the raised funds are planned to be spent on the purchase of a controlling stake in one of the European banks, the rest will be spent on investments in blockchain projects and financial services.
High-ranking officials from the sphere of economics and finances led by the Island’s Prime Minister Joseph Muscat, who closely watch the development of the technologies in Malta attended the inauguration ceremony of ICCO.
Proud to welcome https://t.co/x10dOsKdgJ project to #Malta This new venture, with participation of @BittrexExchange and @UnikrnCo will offer an exciting innovation in the #blockhainisland ecosystem -JM pic.twitter.com/8wnuNqHgct— Joseph Muscat (@JosephMuscat_JM) July 10, 2018
According to the founder of Palladium, Paolo Catalfamo, the project will create more than 100 new jobs.
“This ICCO is one of the most unique investment opportunities in the blockchain world. Institutional investors recognize the scale of the opportunity, but the lack of regulation has kept them watching from the sidelines. Palladium’s solution will change this. Cutting-edge blockchain technology will allow customers to use regulation-compliant, multi-asset accounts to manage fiat and crypto currencies.”- said Catalfamo.
Earlier in July, Malta has approved the world's first legal framework for companies that rely on blockchain technology. The authorities of the country stated to be the first in the world to provide legal certainty in this sphere. According to one of the documents, the crypto sphere in Malta will be regulated by a separate, specially created authority - the Office for Digital Innovation.
By Nadya Astam