Bittrex, a US-based cryptocurrency exchange has been on quite a roll over the past few weeks with reports coming out on Monday, 3rd September that the company has bought a 10% stake in Palladium, a Malta-based blockchain company.
Palladium has been credited with launching the world’s first fully regulated Initial Convertible Coin Offering [ICCO]. Paolo Catalfami, the Chairman of Palladium had stated that:
“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 crypto currencies.”
The convertible commodity is modulated by the Malta Financial Services Authority [MFSA]. The company has also assured users that all token sales will abide by the strict rules issued by the European Union.
Bittrex’s latest investment into Palladium makes it a major player in the Maltese blockchain company, a majority of whose shares were owned by Investar Holding, a bank holding company and Unikrn, an eSports betting platform.
Bittrex was also in the news recently when the exchange announced that it will allow users to trade in Cardano [ADA] and Zcash [ZEC] paired up with the United States dollar from 5th September.
Bittrex launched the market for USD only a month ago with Bitcoin [BTC] and a few other cryptocurrencies. This was believed to be a progress in fulfilling the goal of cryptocurrency and blockchain adoption. For USD market, the customers are provided with two options facilitating USD trading only or the withdrawal, deposit and trading of USD.
The proponents of the partnership have stated that Bittrex’s involvement will only further the cause for mass cryptocurrency adoption. Reports have shown that the 10% put in by Bittrex is still marginal compared to Investar and Unikrn, but analysts state that its entry has actually put Palladium on the map.
Catalfamo added that:
“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.”
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