Malta Exchange Palladium Creates Token That Converts To Company Shares

Announcements, FinTech | July 11, 2018 By:

Palladium, a Malta-based cryptocurrency exchange, has launched what it terms a fully regulated Initial Convertible Coin Offering (ICCO). The issuance of a tokenized convertible warrant — which is regulated by a prospectus approved by the Malta Financial Services Authority (MFSA) and subject to EU rules — will give investors the right to convert the tokens into shares of Palladium three years after the issue date.

Prof. Paolo Catalfamo, founder and chairman of Palladium, said the Palladium platform is the result of a partnership between Palladium, esports company Unikrn, and Bittrex, the US digital trading platform.

The fundraising target is €150 million and the pre-sale of Palladium tokens starts today, July 11. The offering period for subscription of the tokenized securities will run from July 25 to September 30.

Proceeds will be used to support the three core blocks of Palladium’s solution: 50 percent will go towards the acquisition of a controlling interest in a European bank; 35 percent into the formation of a regulated crypto exchange  and the development of a clearing and settlement blockchain platform; and 15 percent into strategic investments in financial services and blockchain companies complementing Palladium’s business.