Today Bittrex announce announced the launch of Palladium, a new trading platform in Malta powered by Bittrex technology and in partnership with Unikrn esports.
The exchange aims to be the first regulated, unified platform that comingles fiat banking and a crypto exchange, along with being the first regulated exchange that allows transactions for both utility and security tokens.
“We’re excited that this project will help further increase adoption of blockchain technology and continue to expand our business globally.”
This all-in-one-place approach will allow users to pay bills with crypto, buy crypto directly from their checking account, and swap assets without the need for multiple accounts and wallets, and without regulatory uncertainty.
Beyond the launch of the exchange, Palladium has another “first” up their sleeve… an “initial convertible coin offering” or ICCO. This “tokenized convertible warrant” will allow investors direct participation in the company, give them the right to convert the tokens into Palladium shares for three years. The fundraising target is €150 million.
“We’re working to put cryptocurrency into the spotlight in a way never before seen while radically improving the user experience for companies like Unikrn.”
Here’s how the proceeds from the ICCO will be broken down:
- 50% – acquisition of a controlling interest in a European bank
- 35% – formation of a regulated exchange and a clearing & settlement blockchain platform
- 15% – strategic investments in financial services and blockchain companies
Per Unikrn CEO Rahul Sood, the group is now in the process of acquiring a banking license that will allow them to interact with the exchange while maintaining regulatory compliance, “a huge step toward solving some of blockchain’s biggest challenges.”