'Blockchain Island' Malta to Host World's First ICCO’

Malta-based blockchain firm Palladium will launch the first ever ‘initial convertible coin offering’ (ICCO) in partnership with cryptocurrency exchange Bittrex, with a token sale of up to $150M in tokens expected to begin on July 25 and end on September 30. 

An initial convertible coin offering is unique from standard ICOs in the fact that investors will be able to convert the tokens bought during the pre-sale phase into company shares at a later date. For this particular ICCO, investors will have that option in three years.

50 percent of the ICCO proceeds will go towards acquiring the controlling interests of a European bank, while 35 percent will go toward building a regulated cryptocurrency exchange. The remaining 15 percent will go into “strategic investment in financial services and blockchain companies.” The investments together will see the creation of the first regulated and unified platform for fiat banking and cryptocurrency exchange, together under one roof.

Palladium board member and CEO of UnikrnCo Rahul Sood explained that “users will be able to make cryptocurrency payments for their bills, buy crypto from their checking account, or swap crypto assets without needing multiple wallets and accounts, all from a single platform. Palladium Exchange, powered by Bittrex, will be the first regulated exchange to allow both security and utility tokens to be transacted.”

Founder and Chairman of Palladium Paolo Catalfamo said in a press release:

“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.” 

The world’s first ICCO is being made possible by Malta’s commitment to fostering a welcoming environment for the blockchain and cryptocurrency industries. Malta Prime Minister Joseph Muscat hopes to turn Malta into a self-proclaimed ‘Blockchain Island’ and has already welcomed the likes of the world’s two largest cryptocurrency exchanges Binance and OKEx to the European nation.