Bittrex has completed a 10% stake acquisition in Palladium, a Malta-based blockchain Company carrying the first convertible currency offering. The acquisition strengthens ties between the two companies, building on a recent partnership.
Bittrex Palladium Investment
The two companies are yet to come out clear on the terms of the acquisition. Prior to the acquisition betting platform, Investar Holding owned 85% of the blockchain company with eSports Unikrn holding the remaining 15%. It is thus unclear which company sold 10% of its stake to Bittrex.
?Bittrex?s investment in Palladium confirms Malta’s solid decision to be at the forefront of blockchain technology regulation, “said the founder of Palladium and president Paolo Catalfamo mentioned in the publication.
Investment in Palladium comes just days after Bittrex joined forces with the likes of Bitstamp BitFlyer and Gemini Trust. The companies have since created a Virtual Commodity Association Working Group tasked with the responsibility of developing industry standards and monitoring virtual currency markets.
Malta Cryptocurrency Hub
Bittrex investing in Palladium does not come as a surprise. Malta has emerged as a hub for cryptocurrency and blockchain technologies given the friendly environment that allows such businesses to thrive. The country?s parliament has already approved three cryptocurrencies something that has raised confidence over other cryptocurrencies achieving such feats in the near future.
Palladium shot to the limelight in July on announcing the first of its kind Initial convertible coin offering as part of a partnership with Bittrex and Unikrn. Initial convertible coin offer differs from initial coin offering in the sense that they allow users to convert any tokens they purchase at the offering to the company?s shares in three years? time
The ICCO offering is still in progress and will close at the end of the month. Palladium is eyeing as much as ?150 million from the offering. The company is planning to use 35% of the offering?s proceeds to purchase a controlling stake in a European bank. The company is also to spend as much as 15% of the proceeds on strategic investments targeting financial services as well as blockchain companies.