Bittrex invests in Palladium. New strategic investment of the well-known exchange in Malta.
Bittrex, one of the best known cryptocurrency exchange platform in the United States, has announced its investment in Palladiuma blockchain company based in Malta. This investment is only the latest in a series of partnerships and collaborations between the two companies, and therefore does not come totally unexpected in the eyes of sector analysts.
According to the Times of Malta, the agreement now signed will see Bittrex purchase a ten percent stake in Palladium, thus accompanying Unikrn e Investor Holdings as shareholder of the company: the former holds a 15% stake, while the latter holds the remaining 85%.
Commenting on the investment agreement, the founder of Palladium, Prof. Catalfamo, said he was thrilled to “have such a global operator on board. Bittrex 's investment in Palladium is a confirmation of Malta' s solid decision to be at the forefront of technology regulation blockchain".
As already mentioned, the investment agreement is not the first commercial transaction between companies. In July 2018, we remember, Palladium launched the first offering of initial convertible coins (ICCO), in collaboration with Bittrex.
As part of the agreement, Bittrex provided its robust technological framework to power the ICCO transaction. The U.S. platform also provided its own token selection matrix to ensure full investor protection.
The funds thus made with Bittrex's investment could now accelerate Palladium's goal of obtaining a majority stake in a European bank. Palladium also wants to develop a platform cryptocurrency trading full spectrum which includes banking, cryptocurrency and fiat exchange services.
As for the Maltese cryptocurrency ecosystem, it is clear that Bittrex's investment is just one of the many important moments for Malta, and for its path to become the main world hub for cryptocurrency and blockchain.
We remember in this regard as in April, Binance, the world's largest virtual currency exchange platform, has announced its transfer to the island, and which it also plans to establish the world's first decentralized bank in partnership with Neufund. Since then, other cryptocurrency operators such as OKEx have moved their operations to the country. In July, OKEx also announced that it has entered into a partnership agreement with the Maltese Stock Exchange (MSX).
At the heart of these developments is the desire of the Maltese government to create an environment conducive to cryptocurrency and blockchain technology operations.