Bittrex, one of the world's most important cryptocurrency exchanges, recently invested in the blockchain society of Malta, Palladium, the local Times of Malta magazine reports on September 2.
Bittrex based in the United States, now the 18th top crypto exchange of average total commercial volume, bought a 10 percent stake in Palladium. In July, Palladium announced its intention to distribute $ 150 million in tokens into the "first" initial offer of convertible currencies (ICCO) in collaboration with Bittrex and Unikrn eSports bookmaker, which was scheduled to begin on July 25.
Palladium's current shareholders include Investar Holding and Unikrn, which respectively hold 85% and 15% of the company, according to the Times of Malta.
Palladio seems to be planning to become the "first unified regulated platform" for exchanges of fiat, banking and encrypted money, allowing customers to manage encrypted purchases and bill payments, as well as exchanging cryptographic resources via a & # 39 the only platform, took over the company's July Medium announcement.
The ICCO is approved by the Malta Financial Services Authority (MFSA) and the project is regulated by the Europa Regole della Unione, declared the July announcement of Bittrex.
The difference between ICCO and Initial Coin Offering (ICO) is that investors will be able to convert tokens into company shares at a specific later date. In the case of Palladium, investors will be able to convert tokens into company shares three years after the issue date, as reported by Cointelegraph.
Palladium founder and chairman Paolo Catalfamo commented that Bittrex's recent investment is a testament to Malta's willingness to become the "front line of blockchain technology regulation," writes the Malta Times.
The crypt exchange Bittrex has recently become one of the participants in the "Virtual Commodity Association Working Group" – the self-regulatory association for digital raw materials such as cryptocurrencies. The organization is planning to develop industry standards and "be a precursor of training" of self-regulation activities for cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).
At the beginning of August, Bittrex also collaborated with Ripple to provide a "healthy" ecosystem of digital goods exchanges, along with Bitso and Coins.Ph cryptographic exchanges.