US-based crypto exchange Bittrex has invested in Palladium, a blockchain startup based in Malta. According to local news outlet Times of Malta, the deal is worth a 10% even though the exact sum was not disclosed.
It signifies another massive investment in the country after it passed new bills that will regulate its blockchain and crypto industry. Meanwhile, Paolo Catalfamo, founder and chairman of Palladium, expressed delight at having Bitrex on board.
“We are excited to have such a global player on board. Bittrex investment in Palladium is a confirmation of Malta’s sound decision to be at the forefront of regulating blockchain technology,” he said.
Bittrex is one of the world’s leading crypto exchanges, ranking 19th among the of top largest exchanges by trade volume according to data from Coinmarketcap. Following the investment in Palladium, the exchange company has now joined Investar Holding and Unikrn as major shareholders. Investar and Unikrn own 85% and 15% respectively according to the report.
Bittrex Unites With The Palladium Vision
Blockchain startup Palladium prides itself as one of the most ambitious crypto projects. According to a Medium post by the company, the goal is to “become the first regulated unified platform for fiat banking and cryptocurrency exchange.” This will make crypto trading as easy as fiat banking.
The company is well on track to achieving this after it announced partnerships with Bittrex and Unikrn in July. Then, Palladium launched the world’s first ICCO (Initial Convertible Coin Offering). This form of ICO allowed investors to convert their tokens back to company shares on a specific later date.
The total sum of tokens to be distributed in the ICCO was $150 million according to a Bittrex press release. Investors could convert their tokens to company shares after three years while 15% of the total funds raised by the company will be used to build the “regulated exchange.”
Bittrex investment in Palladium is obviously linked to the blockchain friendly ecosystem existing in Malta. On the other hand, it can be considered as a strong display of confidence in the Palladium project which hopes to “bridge the gap between traditional financial services and cryptocurrencies.”