The local news outlet Time of Malta spoke to the founder of Palladium, Paolo Catalfamo who said:
“We are excited to have such a global player on board. Bittrex’s investment in Palladium is a confirmation of Malta’s sound decision to be at the forefront of regulating blockchain technology.”
Before the investment was executed by Bittrex, Palladium was owned by the bank holding company Investar Holding, which held 85% in the company, and an eSports betting platform Unikrn, which held 15% in the company. Due to no official announcement on the details of the deal, it isn’t clear which of the aforementioned companies have sold their stake to Bittrex.
Back in July, this year Palladium made headlines after launching the world’s first initial convertible coin (ICCO) in a partnership with Bittrex and Unikrn. Unlike a conventional initial Coin Offering (ICO), the ICCO involves a sale of a “tokenised convertible warrant.” Which will let users convert the token into shares of the company three years after issuance.
Fundraising by Palladium aims to raise €150 million, according to a statement issued in July. The fundraising will run until the end of this month.
Half of the proceeds raised will be used for a planned acquisition of a controlling interest in an unspecified European bank. Almost 35% of the funds will be spent on the development of a whole new digital currency exchange. This exchange will operate under the regulation of Malta Financial Services Authority.
The remaining 15% will be aimed at “strategic investments in financial services and blockchain companies complementing palladium’s business.”
Bittrex is now the 18th top digital currency exchange by a total average trading volume. They have also joined forces with peers bitFlyer, Bitstamp and Gemini Trust Company in order to build “Virtual Commodity Association Working Group.”