Bittrex, one of the leading cryptocurrency exchanges in the world, has just bought a 10 per cent stake in Palladium, a Malta-based blockchain company.
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.
Paolo Catalfamo, founder and chairman of Palladium, said: “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.”
Palladium made the news last month after it launched 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. It’s launch was even addressed by Prime Minister Joseph Muscat who has taken a lead in promoting the blockchain and crypto industry as an important niche market for Malta.
Its issue of a tokenised convertible warrant is regulated by a prospectus which Palladium claims has been approved by the Malta Financial Services Authority (MFSA) and is subject to stringent EU rules. It will give investors the right to convert the tokens into shares of Palladium, three years after the issue date. However since the MFSA has not technically approved any company to begin providing services under the Virtual Financial assets Act, this sttaement needs clarification to say the least.
Bittrex, which was founded in 2014 by three cybersecurity engineers, provides real-time trade execution, digital wallets and industry-leading security practices. Palladium’s shareholders are Investar Holding, which owns 85 per cent of the company, and Unikrn (15 per cent). Investar is a holding company fully owned by Prof. Catalfamo; while Unikrn, founded by former Microsoft Ventures CEO Rahul Scood, is based in Las Vegas and is a leader in eSports.