One of the biggest crypto exchanges in the world, Bittrex, has acquired 10 percent in the Maltese blockchain firm, Palladium. Bittrex is a U.S.-based exchange that uses its technology to create and power crypto exchanges., and is one of the frontiers in the worldwide blockchain movement.
Palladium’s founder, Paolo Catalfamo, stated: “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.”
Last month Palladium was in the news for launching the first ever initial convertible coin offering (ICCO), the aim of which is to provide its investors with “peace of mind and a stake in the future of virtual currencies.” In three years the tokens can be exchanged for shares in the company.
WHY IS THIS IMPORTANT?
- Bittrex is a huge and influential global company and its investment in a company must mean it believes in the future of that company, in this case, Palladium. Being a Maltese firm, this is good news for Malta since it strives to become a pioneer country of blockchain technology.
- Such developments in the crypto world are a step towards blockchain technology spreading and being adapted in more fields and countries.