Malta-based Palladium Launches World’s First ICCO, to Raise $150 Mn from the Offering





Malta-based cryptocurrency firm, Palladium has announced the launch of world’s first initial convertible coin offerings (ICCO) along with two partners including Bittrex. ICCO is a bit different from ICO, in which investors will able to convert the tokenized coins into company shares at a later date. In Palladium’s case, it can be converted after a period of three years after the sale.

This innovative offering will be regulated by a prospectus which needs to be approved by the Malta Financial Services Authority. Also, this project is subject to stringent European Union rules and regulations. Palladium, which wants to build a regulated exchange in the country is planning to raise $150 million through the distribution of the tokens in the ICCO which is scheduled to begin on July 25.

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Palladium will utilize 15 per cent of the fund to build the exchange and the remaining portion of the fund will be used in acquiring controlling interest in a European Bank along with strategic investments in financial services and blockchain companies.

Palladium founder and chairman, Paolo Catalfamo made a statement marking the ICCO’s launch:

“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 crypto-currencies.”

Malta recently has legalised the cryptocurrency sector through the passage of cryptocurrency bills in the parliament. The country is rapidly emerging as a hub for blockchain and cryptocurrency related activities. Speaking at the launch, Malta’s Prime Minister Joseph Muscat said that blockchain technology would create a new niche for the island nation which would help in generating job and wealth creation.

He said: “The three pieces of Blockchain legislation which were passed in Parliament recently form the start of a new exciting journey putting Malta in the frontline.”

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