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Bittrex, a cryptocurrency trading platform based in the United States, has announced its investment in Palladium, a Malta-based blockchain company. This investment is the latest in a series of partnerships and collaborations between the two companies.
Details of the investment contract
According to Times of Malta the investment agreement sees Bittrex buy a ten percent stake in Palladium.
Bittrex now joins Unikrn and Investar Holdings as other shareholders of the company. The former owns 15% while the latter, a holding company belonging to prof. Paolo Catalfamo, holds the remaining 85%.
Commenting on the investment agreement, the founder of Palladium, prof. Catalfamo said:
We are thrilled to have such a global player on board. The investment of Bittrex in Palladium is a confirmation of Malta's solid decision to be at the forefront of the regulation of blockchain technology
Bittrex-Palladium Partnership
The investment agreement is not the first commercial transaction between both companies.
2018, Palladium launched the first initial convertible coin offer (ICCO) in collaboration with Bittrex.
As part of the agreement, Bittrex has provided its robust technology framework to power the ICCO paradigm. The US platform has also provided its own token selection matrix to ensure full investor protection
Funds made by Bittrex investment could accelerate Palladium's goal of obtaining a majority stake in a bank European.
Palladium also wants to develop a full spectrum cryptocurrency trading platform that includes banking, cryptocurrency and fiat services
Cryptocurrency companies investing in Malta
The investment of Bittrex is another time of selection for Malta as it strives to become the world's leading hub for cryptocurrency and blockchain technology.
In April, Binance, the world's largest virtual currency exchange platform, announced its transfer to the island. Binance also plans to create the world's first decentralized bank in collaboration with Neufund.
Since then, other crypto-cryptic as OKEx have also moved their operations to the country. In July, OKEx also announced that it has entered into a partnership agreement with the Maltese Stock Exchange (MSX).
At the heart of these developments is the desire of the Maltese government to create an environment conducive to cryptocurrency and blockchain technology operations to thrive. So far, Malta has implemented a robust legislative framework that offers legitimacy for many aspects of the cryptocurrency industry.
What do you think of the investment of Bittrex in Palladium? Let us know your thoughts in the comments section below.
Images courtesy of Shutterstock, Bitcoinist archives.
