Maltese blockchain startup Palladium has announced the world’s first fully adjustable “initial placement of tokens convertible” (Convertible Coin Offering, ICCO). The project was supported cryptocurrency exchange Bittrex and platform for betting on eSports Unikrn.
The launch of the ICCO was held at the Malta stock exchange – after a few days after the Parliament of the island state received three previously approved a government law on the regulation of the blockchain industry. The opening was attended by Prime Minister Joseph Muscat (Joseph Muscat).
Proud to welcome https://t.co/x10dOsKdgJ project to #Malta This new venture, with participation of @BittrexExchange and @UnikrnCo will offer an exciting innovation in the #blockhainisland ecosystem -JM pic.twitter.com/8wnuNqHgct
— Joseph Muscat (@JosephMuscat_JM) June 10, 2018
The project involves the sale tokenizing convertible bonds that three years after release investors can exchange for shares of Palladium.
According to the founder and the head of the company Paolo Katafalka (Paolo Catalfamo), the project will create 100 jobs and merge traditional financial services with cryptocurrencies.
The aim of ICCO is to collect 150 million euros. Presales started on the 10th of July. The main stage of licensee will be held from July 24 to September 30.
Half of the funds will be used for the acquisition of a controlling stake in a European Bank, whose name is not specified. 35% will be spent on developing a new cryptocurrency exchange, which will be monitored by the Management of the Malta financial services and the remaining 15% will go to strategic investments in financial services and blockchain projects.