Malta to Host 'World's First ICCO' as Palladium, Bittrex Build New Crypto Exchange

Malta-based company Palladium will launch the world's first so-called initial convertible coin offering with two partners including Bittrex, a press release announced July 10.

Palladium, which wants to build a regulated cryptocurrency exchange in Malta, will seek to distribute $150 million in tokens in the ICCO, scheduled to begin July 25.

The exchange, which will operate under full regulation of Malta's increasingly crypto-friendly jurisdiction, will be built using around 15 percent of accumulated funds.

The remainder, Palladium says, will be used in the "Acquisition of a controlling interest in a European bank," along with "Strategic investments in financial services and blockchain companies complementing Palladium's business."

"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," founder and chairman Paolo Catalfamo commented.

An ICCO differs from an ICO in that investors will be able to convert tokens into company shares at a later date - in Palladium's case, three years after the sale.

The move marks a further step in Malta's blockchain enthusiasm, prime minister Joseph Muscat attending the company's launch at the Malta Stock Exchange last week.