Bittrex acquires Stake in Palladium
Cryptocurrency exchange Bittrex, has purchased a 10% stake in Palladium, a Malta-based blockchain company.
Palladium recently launched back in July, an event that was attended by the Prime Minister of Malta, the Hon, Joseph Muscat. The company hit headlines last month when it released one of the world’s first fully regulated tokenised convertible warrant to give investors peace of mind and a stake in the future of virtual currencies.
This issue is regulated by the Malta Financial Services Authority and is subject to EU regulation. The regulatory process allows investors to convert the tokens into shares of Palladium, three years after the issue date.
“We have worked our fingers to the bone in order to live days like today and see companies such as Palladium launch. [Palladium] is not just a flash-in-the-pan. They have shown the commitment to our financial services industry and to our country as a whole,” said the Prime Minister.
Bittrex, whose technology is designed to build and power crypto trading platforms to provide reliability and security, is based in the US and is a leader in the global blockchain revolution.
Palladium Founder and Chairman, Prof. Paolo Catalfamo, Paolo Catalfamo highlighted the importance of working with Malta to provide a fully regulated blockchain space.
“Palladium has designed elegant and unique solutions to the largest problems facing blockchain technologies today, allowing it to provide a unified banking, investment and crypto interface within full regulatory compliance in the EU,” he stated. “We are well on our way to unlocking untold potential in crypto projects around the world, and we are working with the regulators in Malta to ensure it is ready at launch.”
Unikrn CEO and member of the board at Palladium, Rahul Sood, said that the investment by Bittrex was one of the most important aspects of the project. Unikrn hold a 15% stake in Palladium.
“Palladium is powered in partnership with the geniuses at Bittrex and is slated to become the world’s first regulated tokenized security (and blockchain security) exchange, which is a formative move for this emerging technology space,” Sood said. “Palladium will offer some of the most meaningful solutions to companies like Unikrn and other blockchain platforms, super simple access to our tokens from anywhere at anytime, the ability to bank crypto and fiat, and the option to offer securities down the road.”
Bittrex, which was founded in 2014 by three cybersecurity engineers, provides real-time trade execution, digital wallets and industry-leading security practices.