The World’s first ICCO Opens in Malta
A Malta-based blockchain company, Palladium, has introduced a fully regulated ‘Initial Convertible Coin Offering’ (ICCO). It will be the world’s first ICCO. It has two partners including Bittrex.
The ICCO is meant to give investors a stake in the future of digital currencies. The issuance of a tokenized convertible warrant will ensure that the investors get the right to convert the tokens into shares of Palladium after three years from the issue date. The warrant is regulated by a prospectus approved by the Malta Financial Services Authority (MFSA) and subject to stringent EU rules.
Palladium platform is a revolutionary step to solve the biggest obstacles to widespread crypto adoption: regulatory uncertainty surrounding the use of cryptocurrencies and cumbersome management of cryptocurrencies.
Palladium wants to build a regulated crypto exchange in Malta and seeks to distribute $150 million in tokens in the ICCO. ICCO will begin from July 25th. The launch was held at the Malta Stock Exchange, Valletta.
Founder and Chairman of Palladium, Prof. Paolo Catalfamo, said:
“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 cryptocurrencies. Malta is enacting a comprehensive blockchain legislation and has a dedicated blockchain unit at the MFSA. This is attracting talent and creating a vibrant environment for the development of Palladium’s business. 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 cryptocurrencies.”
The exchange will operate in the crypto-friendly jurisdiction of Malta. The exchange will be built using 15 percent of accumulated funds.
The University of Malta will also offer a special Blockchain degree which will start in October this year.
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