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Malta-Based Company Palladium Launches World’s First Initial Convertible Coin Offering (ICCO)

ICCO

On July 10, Malta-based blockchain startup Palladium, in partnership with Unikrn and Bittrex launched the world’s first fully regulated Initial Convertible Coin Offering (ICCO).

According to a press release, The ICCO target is $175 Million, and the pre-sale of Palladium tokens started on July 10. The offering period for subscription of the tokenized securities will run from July 25 to September 30.

50 percent of ICCO proceeds will be used for the acquisition of a controlling interest in a European bank, 35 percent will go to form a regulated cryptocurrency exchange and 15 percent into strategic investments into both other blockchain tech companies and financial services which will serve as a way to complement the primary business of the company.

An ICCO differs from an initial coin offering (ICOs) in a sense that participants will be able to convert  their tokens into company shares at a later date

Palladium ICCO participants will be able to convert their tokens into company shares after three years from today.

Speaking during the launch, Prof. Paolo Catalfamo, founder, and chairman of Palladium touted the platform as a revolutionary solution to the common obstacles to widespread cryptocurrency adoption and cumbersome management of cryptos and regulatory vagueness surrounding their use.

Prof. Catalfamo added:

“We expect this project, which will create more than 100 job opportunities, to be a historic landmark and to bridge the gap between traditional financial services and cryptocurrencies.”

Among the few of blockchain-friendly jurisdictions around the World, Malta stands out with the most forward-thinking regulatory agenda and was the natural choice for Palladium’s headquarters. The launch was attended by Malta Prime Minister Joseph Muscat, MFSA CEO Joseph Cuschieri, and Financial Services Parliamentary Secretary Silvio Schembri.

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