First ICCO Ever Launched on Malta
July 12, 2018
Malta-based blockchain startup Palladium featuring crypto exchange Bittrex has launched the world’s first ICCO (Initial Convertible Coin Offering) project which was started at Malta stock exchange.
According to the Palladium spokesman, the fundamental distinction of this project from other ICOs is that investors will be able to exchange their tokens for company shares after 3 years of their issuance. New coin emission will be controlled by the Malta Financial Services Authority.
ICCO-token presale began this Tuesday, on July 10, the main fund raising round will last from July 25 to September 30. The target is €150 million. 50% of attracted investments are reported to be spent by Palladium for acquiring major share of stock at one of European banks, 35% for establishing new regulated crypto exchange and clearing blockchain platform while the rest 15% are meant to support local blockchain startups.
Palladium CEO Paolo Catalfamo said, the project would allow for over 100 new jobs and establish links between traditional and crypto financial services.
In addition, quite recently the Parliament of Malta approved of package of bills on digital currencies and blockchain industry regulation thus having officially permitted activity of related companies within the country.